Amending Circular 4/21 of the Single Insurance and Surety Circular

DOF: 30/03/2021

AMENDING CIRCULAR 4/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.4.11.)

The National Insurance and Surety Commission, pursuant to the provisions of Articles 366, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That in accordance with the provisions of Article 232, in conjunction with Article 233, both of the Law of Insurance and Surety Institutions, it is the obligation of Insurance Institutions to maintain the Admissible Own Funds necessary to back a Solvency Capital Requirement resulting from applying the general formula referred to in Article 236 of said Law, or alternatively, through the use of an internal model, in terms of the provisions of Article 237 of the cited Law; this without prejudice to said institutions maintaining sufficient assets and investments to cover the investment base and the minimum paid-in capital, as provided in said Law.

That according to the provisions of Provision 6.4.11 of the current Single Insurance and Surety Circular, the Commission shall make known the Basic Adjustment Factor for Credit Risk (FBA) and the Credit Risk Adjustment Factor (FA) that Insurance Institutions must apply for the purpose of determining the corresponding capital requirement factor for the issued guarantee.

That in view of the foregoing, it is necessary to inform authorized institutions operating financial guarantee insurance of the values assigned to the credit risk adjustment factors that they must apply for the purpose of determining the corresponding capital requirement factor for the issued guarantee, relative to the fourth quarter of 2020.

Therefore, the National Insurance and Surety Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:

AMENDING CIRCULAR 4/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.4.11.)

SINGLE PROVISION.

Annex 6.4.11 of the Single Insurance and Surety Circular is amended.

TRANSITORY PROVISION

SINGLE PROVISION. This Amending Circular shall enter into force the day following its publication in the Official Gazette of the Federation.

This is made known to you, pursuant to the provisions of Articles 366, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, March 22, 2021. - The President of the National Insurance and Surety Commission, Ricardo Ernesto Ochoa Rodríguez. - Signature.

ANNEX 6.4.11.

FBA AND FA FACTORS FOR THE CALCULATION OF APPLICABLE FACTORS FOR THE CALCULATION OF

I.

For the case of Government Bonds:

FBA 12.7059

II. For the case of:

a) Asset-backed securities, b) Guaranteed values that have collateral guarantee or a maturity term of 7 years or less, and c) Guaranteed values that do not have collateral guarantee or have a maturity term greater than 7 years:

FA AAA (Standard & Poor's); Aaa (Moody's); AAA (Fitch) 12.7059

FA AA (Standard & Poor's); Aa (Moody's); AA (Fitch) 14.0235

FA A (Standard & Poor's); A (Moody's); A (Fitch) 14.5000

FA BBB (Standard & Poor's); Baa2 (Moody's); BBB (Fitch) 23.6059

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