Amending Circular 5/16 of the Single Insurance and Surety Circular — SHCP — MX

DOF: 31/03/2016

Amending Circular 5/16 of the Single Insurance and Surety Circular

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Insurance and Sureties Commission.

AMENDING CIRCULAR 5/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 5.15.3.)

The National Insurance and Sureties Commission, based on the provisions of articles 366, fraction II, and 372, fraction VI, of the Law of Insurance and Surety Institutions, and

CONSIDERING

That in accordance with the provisions of article 220 of the Law of Insurance and Surety Institutions, Surety Institutions must establish the reserve for sureties in force, the contingency reserve for sureties, and the others that, in accordance with what article 223 of said Law establishes, the National Insurance and Sureties Commission determines.

That in terms of what is established in article 224 of the Law of Insurance and Surety Institutions, the National Insurance and Sureties Commission, through general provisions, will determine the form and terms in which Institutions must inform and prove to it everything related to their technical reserves.

That in accordance with Provision 5.15.2, fraction IV, of the Single Insurance and Surety Circular, paid claim indices will be reviewed during the first quarter of each year and updated when a significant change in their value is observed.

That in accordance with Provision 5.15.3, Institutions that do not have timely, homogeneous, reliable, and sufficient information to perform the calculation for the establishment, increase, and valuation of the reserve for sureties in force of the Institutions in accordance with what is provided in Provision 5.15.2, while generating such information, must use the method described in said Provision, using the paid claim indices and the annual administrative expense index for each line, sub-line, or type of surety, of the surety market presented in Annex 5.15.3; therefore, it is necessary to update said indices.

For the foregoing, the National Insurance and Sureties Commission has resolved to modify the Single Insurance and Surety Circular in the following terms:

AMENDING CIRCULAR 5/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(ANNEX 5.15.3.)

SOLE.-

Annex 5.15.3. of the Single Insurance and Surety Circular is modified.

TRANSITORY

SOLE.-

This Amending Circular will enter into force the day after its publication in the Official Gazette of the Federation.

The foregoing is made known to you, based on the provisions of articles 366, fraction II, and 372, fraction VI, of the Law of Insurance and Surety Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, March 22, 2016. - The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez. - Signature.

ANNEX 5.15.3.

SURETY MARKET INFORMATION, FOR THE PURPOSES OF VALUATION OF THE RESERVE FOR SURETIES IN FORCE IN THE CASE PROVIDED FOR IN PROVISION 5.15.3.

Institutions that do not have timely, homogeneous, reliable, and sufficient information to perform the calculation for the establishment, increase, and valuation of the reserve for sureties in force, while generating such information, must use the method described in provision 5.15.3, using the paid claim indices and the annual administrative expense index, of the surety market, which are indicated below:

Paid Claim Indices:

II.

Annual Administrative Expense Indices:

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