Amending Circular 9/16 of the Single Circular on Insurance and Sureties

DOF: 23/05/2016

Amending Circular 9/16 of the Single Circular on Insurance and Sureties

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

AMENDING CIRCULAR 9/16 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-First and Seventy-Second Transitory Provisions)

The National Commission of Insurance and Sureties, 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 what is established in fraction III of Provision 38.1.3. of the Single Circular on Insurance and Sureties, regarding the Corporate Governance Regulatory Report (RR-2), the document containing the Institutional Risk and Solvency Self-Assessment (ARSI), including the report of the Dynamic Solvency Test referred to in Provisions 3.2.6. and 7.2.1. of the same Single Circular, shall be presented annually, in accordance with what is indicated in Annex 38.1.3., within one hundred thirty business days following the closing of the fiscal year, and its delivery shall adhere to the procedure indicated in Chapters 39.1. and 39.3. of the aforementioned Circular.

That since the implementation of the solvency capital requirement (SCR) referred to in articles 232 to 240 of the Law of Insurance and Surety Institutions entered into force on January 1, 2016, it is necessary to specify the information corresponding to the Corporate Governance Regulatory Report (RR-2) for the 2015 fiscal year that Insurance Institutions and Mutual Societies must deliver in 2016, particularly regarding the delivery of the document containing the ARSI, as well as the Report on the results of the Dynamic Solvency Test (IPSD) and the Information on the projections of their operation (PRSD).

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 9/16 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-First and Seventy-Second Transitory Provisions)

SOLE.-

Provisions Seventy-First and Seventy-Second Transitory are added to the Single Circular on Insurance and Sureties to read as follows:

"SEVENTY-FIRST.-

The Corporate Governance Regulatory Report (RR-2) referred to in Provision 38.1.3., corresponding to the 2015 fiscal year, shall be presented by Insurance Institutions and Mutual Societies to the Commission, no later than July 13, 2016, and shall comprise the information related to fractions I, II, IV, VI, VII and VIII of the aforementioned Provision 38.1.3.

The information required in fraction V of Provision 38.1.3., corresponding to the information necessary for the performance of the Dynamic Solvency Test, shall be presented by Insurance Institutions as part of the Corporate Governance Regulatory Report (RR-2) on the date indicated in the previous paragraph, and shall contain the corresponding Information on projections and business plans for their operation in future years (PRSD file.- Information on the projections of their operation, from Annex 38.1.3., using for such purposes the formats and concepts established in Annex 7.2.5 of the Single Circular on Insurance and Sureties; said format is contained in the file named VIGSSD.XLS, which is available on the Commission's Website.

SEVENTY-SECOND.-

The Institutional Risk and Solvency Self-Assessment (ARSI) referred to in fraction III of Provision 38.1.3., related to the Corporate Governance Regulatory Report (RR-2), shall be presented to the Commission by Insurance Institutions and Mutual Societies no later than October 31, 2016, in accordance with what is established in Annex 38.1.3., sending only the information referred to in the ARSI file, indicated in said Annex, which for the only time may consist of a progress report on the preparation of the ARSI, considering the results of their operation corresponding to the first semester of 2016, according to the following information:

I.

The level of compliance with the information referred to in fractions I and III of Provision 3.2.6.;

II.

With respect to the information referred to in fraction II of Provision 3.2.6., a qualitative report shall be presented describing the possible future impacts expected on the solvency of the Institution, according to the growth assumptions presented in accordance with what is indicated in Transitory Provision Seventy-First of these Provisions.

Said report shall be signed by the person responsible for the actuarial function of the Institution, or in their case, by the actuary designated for such purpose by the board of directors of the Insurance Institution;

III.

The information referred to in fraction IV of Provision 3.2.6., considering the degree to which the risk profile of Insurance Institutions, based on the application of the general formula for the calculation of the SCR, deviates from their operation, and

IV.

The information referred to in fraction V of Provision 3.2.6.

To carry out the presentation of the aforementioned information, Insurance Institutions must make a special delivery of the Corporate Governance Regulatory Report (RR-2), considering only the information corresponding to the ARSI file:
Institutional Risk and Solvency Self-Assessment, indicated in
Annex 38.1.3,
in accordance with the above description.

TRANSITORY

SOLE.-

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

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

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, May 11, 2016.- The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Signature.

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