Amending Circular 5/23 to the Unique Circular for Insurance and Sureties

Official Gazette of the Federation: 22/08/2023

AMENDING CIRCULAR 5/23 TO THE UNIQUE CIRCULAR FOR INSURANCE AND SURETIES

In the margin a seal with the National Shield, stating: United Mexican States.- TREASURY.- Secretariat of Finance and Public Credit.- National Insurance and Surety Commission.

AMENDING CIRCULAR 5/23 TO THE UNIQUE CIRCULAR FOR INSURANCE AND SURETIES

(Annex 6.5.7.)

The National Insurance and Surety Commission, based on the provisions of articles 366, section II, 367, section II, 372, sections VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and:

CONSIDERING

That in terms of the provisions of articles 232, 233 and 234 of the Law of Insurance and Surety Institutions, Insurance Institutions must calculate monthly a solvency capital requirement, and in particular, for the insurance referred to in section II of article 27 of the aforementioned Law, the calculation of said requirement shall only be carried out in accordance with the general formula that the National Insurance and Surety Commission determines for such effect.

That article 235, section VI, subsection b), of the Law of Insurance and Surety Institutions, establishes that the solvency capital requirement will cover the risk of asset-liability mismatch, which will reflect the potential loss derived from the lack of structural correspondence between assets and liabilities, due to the fact that a position cannot be covered by establishing an equivalent contrary position, and will consider, at least, duration, currency, interest rate, exchange rates, price indices, among others.

That Provision 6.5.6. of the Unique Circular for Insurance and Sureties indicates that the calculation of the capital requirement for asset-liability mismatch must be determined considering up to the measurement interval for which there is any asset available in the market that offers a guaranteed return greater than or equal to inflation, through which the Insurance Institution can match its liabilities.

That in order to facilitate the timely update of the measurement interval k referred to, so that Insurance Institutions maintain an adequate matching position between assets and liabilities, the National Insurance and Surety Commission periodically reviews said parameter.

That derived from said review, the investments affected by the coverage of the investment base to which Institutions that practice pension insurance derived from social security laws have access, are considered with a maximum maturity of 27 years, so it is required to update the value of the measurement interval k established in Annex 6.5.7. of the Unique Circular for Insurance and Sureties, so that it takes said value.

For the foregoing, the National Insurance and Surety Commission has resolved to issue an Amending Circular to the Unique Circular for Insurance and Sureties in the terms indicated below:

AMENDING CIRCULAR 5/23 TO THE UNIQUE CIRCULAR FOR INSURANCE AND SURETIES

(Annex 6.5.7.)

SOLE. - Annex 6.5.7. of the Unique Circular for Insurance and Sureties is amended.

TRANSITORY ARTICLES

FIRST. - Publish in the Official Gazette of the Federation.

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

Sincerely

Mexico City, as of August 14, 2023.- The President of the National Insurance and Surety Commission,

Ricardo Ernesto Ochoa Rodríguez .- Signature.

ANNEX 6.5.7.

MEASUREMENT INTERVAL k FOR PURPOSES OF THE CAPITAL REQUIREMENT FOR ASSET-LIABILITY MISMATCH

k =27

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