Amending Circular 6/19 of the Single Circular on Insurance and Sureties

DOF: 20/03/2019

Amending Circular 6/19 of the Single Circular on Insurance and Sureties

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

AMENDING CIRCULAR 6/19 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

The National Commission of Insurance and Sureties, based on 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 by means of the use of an internal model, in terms of what is established in article 237 of the cited Law; this without prejudice to the fact that such institutions maintain sufficient assets and investments for the coverage of the investment base and the minimum paid-in capital, provided for in said Law.

That according to what is established in Provision 6.4.11 of the current Single Circular on Insurance and Sureties, the Commission will 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 capital requirement factor corresponding to the insured issuance.

That in view of the foregoing, it is necessary to make known to the Institutions authorized to operate financial guarantee insurance, the values assigned to the credit risk adjustment factors that they must apply for the purpose of determining the capital requirement factor corresponding to the insured issuance, relative to the fourth quarter of 2018.

For the aforementioned reasons, the National Commission of Insurance and Sureties has resolved to issue the following modification to the Single Circular on Insurance and Sureties in the following terms:

AMENDING CIRCULAR 6/19 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

SINGLE.- Annex 6.4.11 of the Single Circular on Insurance and Sureties is modified.

TRANSITORY

SINGLE.- 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, based on articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.-

Rubric.

ANNEX 6.4.11.

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

I. For the case of Government Bonds:

FBA

2.0245

II. For the case of:

a)

Asset-backed securities,

b)

Guaranteed securities that have collateral guarantee or a maturity term of

7

years or less, and

c)

Guaranteed securities that do not have collateral guarantee or a maturity term

greater than 7 years:

FA

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

2.0245

FA

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

2.1159

FA

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

2.1490

FA

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

2.7808

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