Circular Modificatory 22/15 of the Single Insurance and Surety Document (Continuation from the Second Section)

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DOF: 08/01/2016

Circular Modificatory 22/15 of the Single Insurance and Surety Document

(Continuation from the Second Section)

The results obtained are derived from modeling a series of base instruments, which are specified in the list presented below. The indices used in this section, for each of the described instruments, refer to said list.

II.1.

Reference Instruments.

The following primary instruments are available from which financial risk is modeled.

They are divided into three large groups: interest rates, exchange rates, and financial indices.

a)

Interest Rate Curves.

Bonds-M;

UMS;

UDIBONOS;

T-Bills;

TIIE, and

LIBOR.

b)

Exchange Rates.

Dollar, and

UDI.

c)

Financial Indices.

National Capital Market:

i)

BMV-Consumption;

ii)

BMV-Materials;

iii)

BMV-Industrial;

iv)

BMV-Financial;

v)

BMV-Telecommunications;

vi)

BMV-Price and Quotations Index;

vii)

FIBRA Uno;

viii)

BMV Index Investment Companies Debt;

ix)

BMV Index Investment Companies Variable Income;

x)

Index of Housing of the Federal Mortgage Society, and

Foreign Capital Market:

i)

S&P Global 1200 Consumer Staples;

ii)

S&P Global 1200 Energy;

iii)

S&P Global 1200 Materials;

iv)

S&P Global 1200 Industrials;

v)

S&P Global 1200 Healthcare;

vi)

S&P Global 1200 Consumer Discretionary;

vii)

S&P Global 1200 Financial;

viii)

S&P Global 1200 Information Technology;

ix)

S&P Global 1200 Telecommunication Services;

x)

S&P Global 1200 Utilities;

xi)

S&P Global 1200;

xii)

Credit Suisse Yield Enhanced Global Corporate Index, and

xiii)

Credit Suisse Yield Enhanced Sovereign Index.

II.2.

Debt instruments issued or backed by the Federal Government.

Below are listed the results used to calculate the loss distribution of the instruments referred to in subsection a) and the debt instruments referred to in subsection l) of the List of Financial Instruments in Section I.

For simplicity of notation, the IF subscripts are omitted from the total instruments (in cases where this does not generate confusion).

ANNEX 6.3.7.

MODEL AND TECHNICAL BASES FOR THE DETERMINATION OF THE LOSS VARIABLE OF

SHORT-TERM LIFE INSURANCE ( L P,VCP ), FOR THE PURPOSES OF

CALCULATING THE RCS ACCORDING TO

THE GENERAL FORMULA.

For the purposes of what is established in Chapters 6.2 and 6.3 of these Provisions, in particular, with respect to what is referred to in Provisions 6.3.2 and 6.3.7, insurance institutions must calculate the loss random variable of the technical liabilities corresponding to short-term life insurance, L P,VCP . The L P,VCP constitutes one of the elements for calculating the Technical and Financial Risk Capital Requirement for Insurance, RC TyFS of the General Formula referred to in article 236 of the Law of Insurance and Surety Institutions for the calculation of RCS. The loss variable, L P,VCP will be calculated in accordance with the methodology and information detailed in this annex.

I.

Introduction.

This document will describe the methodology required to calculate the distribution of the loss random variable L P,VCP , related to short-term life insurance, which is required for the calculation of RCS. Short-term insurance will be considered as all those whose contract validity is less than one year. The loss random variable for short-term life insurance, L P,VCP , will be calculated as

where CVCP corresponds to the classification catalog for short-term life insurance detailed in the " Data Manual for the calculation of RCS of short-term life insurance ", the " Data Manual for the calculation of RCS of taken reinsurance operations " and the " Data Manual for the calculation of RCS of reinsurance schemes ", which will be made known through the Commission's Website, and which consider as a minimum, the following classification criteria.

Table 1: Classification criteria table .

Each group g=g(e,s,m,ts,b,r,c 1 ,c 2 ) is formed by those claims that paid coverage c1 and c2 in the simulation period (the case where c1=c2 corresponds to claims that paid a single coverage) from insureds/certificates that coincide in age, sex, currency, type of insurance, contracted benefits, and range of benefits. The variable L P,VCP will be calculated according to the following formula:

ANNEX 6.3.8.

MODEL AND TECHNICAL BASES FOR THE DETERMINATION OF THE LOSS VARIABLE OF

LONG-TERM LIFE INSURANCE

, FOR THE PURPOSES

OF CALCULATING THE RCS

ACCORDING TO THE GENERAL FORMULA.

For the purposes of what is established in Chapters 6.2 and 6.3, of these Provisions, in particular, with respect to what is referred to in Provisions 6.3.2 and 6.3.8, insurance institutions must calculate the loss random variable of the technical liabilities corresponding to long-term life insurance, L P,VLP . The aforementioned random variable constitutes one of the elements for calculating the Technical and Financial Risk Capital Requirement for Insurance, RC TyFS , of the General Formula referred to in article 236 of the Law of Insurance and Surety Institutions for the calculation of RCS. The loss variable L P,VLP will be calculated in accordance with the methodology and information detailed in this annex.

I.

Introduction.

This document will describe the methodology required to calculate the distribution of the loss random variable L P,VLP , related to long-term life insurance, which is required for the calculation of RCS. Long-term insurance will be considered as all those whose contract validity is greater than one year. The loss random variable

will contemplate technical and financial risks for the following types of plans:

a)

Term;

b)

Whole life;

c)

Endowment;

d)

Private annuity or pension, and

e)

Flexible or investment.

The loss random variable

will be calculated as

To determine the distribution of each of the elements of equation (2), the following criteria will be considered as a minimum, which are detailed in the " Data Manual for the calculation of RCS of long-term life insurance " and the " Data Manual for the calculation of RCS of reinsurance schemes ", which will be made known through the Commission's Website:

a)

For the plans corresponding to subsections a), b) and c) listed in this section, the criteria are:

Age;

Sex;

Seniority;

Remaining validity;

Currency or unit of account;

Basic benefit insured amount;

Organic loss insured amount;

Accidental death insured amount;

Collective accidental death insured amount;

Disability or invalidity insured amount;

Other insured amount;

Survival insured amount;

Surrender values;

Annual tariff premium;

Acquisition expenses;

Administration expenses;

Type of lapse;

b)

For the plans corresponding to subsection d) of this section, in addition to the criteria in point a), the following will be considered:

Accumulation period for private annuities or pensions;

Annuity modality, and

Annualized benefit of annuity payments, and

c)

For the plans corresponding to subsection e) of this section, in addition to the criteria in point a), the following will be considered:

Fund in administration, and

Guaranteed rate.

In the event that reinsurance contracts cover the total claims of group g , the results from section II.3 will be used.

The present value is calculated in accordance with what is established in Annex 6.3.3.

II.

Main Results.

This section summarizes the main results for the calculation of the loss random variable of the technical liabilities, .

II.1.

Calculation of the loss variable.

Generally, a policy/certificate with age x, seniority a , type of lapse c, currency m and remaining validity r is considered. We consider the policy age e=e(x,a,c) , which we will use as general notation to index the probabilities of each of the decrements. The following results contain all the cases described in section I.

The following assumptions are made for the considered policy/certificate:

·

Benefit payments are made at the end of the year in the event of the occurrence of the decrement;

·

Premium and expense payments are made at the beginning of the year during the agreed period for the policy/certificate;

·

Decrements are enumerated from 1 to n ;

·

Let b 1 , ... , b β be the contracted benefits by the policy/certificate whose occurrence of decrement terminates the contract;

·

Let d 1 , ... , d γ be the contracted benefits by the policy/certificate whose occurrence of decrement does not terminate the contract, and

·

Let f 1 , ... , f d

be the contracted benefits by the policy/certificate whose occurrence of decrement

grant a benefit of exemption from premium payment.

ANNEX 6.3.9.

MODEL AND TECHNICAL BASES FOR THE DETERMINATION OF THE LOSS VARIABLE OF

PROPERTY INSURANCE IN THE LINES OF CIVIL LIABILITY AND PROFESSIONAL RISKS,

MARITIME AND TRANSPORT, FIRE, AUTOMOBILES, CREDIT,

SURETY AND VARIOUS , AND OF

ACCIDENT AND ILLNESS INSURANCE,

FOR THE PURPOSES OF CALCULATING THE RCS

ACCORDING TO THE GENERAL FORMULA.

ANNEX 6.3.18.

MODEL AND TECHNICAL BASES FOR THE DETERMINATION OF RISKS BASED ON

LOSSES CAUSED BY DEFAULTS OF REINSURER ENTITIES THAT

BACK THE LOSSES OF REINSURANCE CONTRACTS, BOTH PROPORTIONAL,

AS WELL AS EXCESS OF LOSS COVERAGE, WHICH BACK THE PML AND RECOVERABLE AMOUNTS OF REINSURANCE, AND

FOR THE DETERMINATION OF THE JOINT DISTRIBUTION

OF THE VARIABLES

OF THE LOSS

, FOR THE PURPOSES OF CALCULATING THE RCS ACCORDING

TO THE GENERAL FORMULA

For the purposes of what is established in Chapters 6.2, 6.3, 6.5 and 6.6 of these Provisions, in particular, with respect to what is referred to in Provisions 6.3.2, 6.3.3, 6.3.17, 6.5.19, 6.6.2 and 6.6.9, insurance institutions, including pension insurance, and surety institutions, should calculate, when applicable, the loss random variables of:

ANNEX 6.7.8.

WEIGHTS AND RISK DEGREES ASSOCIATED WITH OTHER COUNTERPARTIES AND GUARANTEES

The operations referred to in fraction II of Provision 6.7.4, as well as the real financial or personal guarantees used by Institutions to carry out the coverage of risk, must be weighted according to the degree of risk corresponding to the counterparty or issuer of the coverage with which the operation was carried out.

For the purposes of determining the associated risk weight, Institutions must identify said counterparty or guarantee issuer in the corresponding group according to the following:

Group I

Group I will be integrated by:

I.

Operations with or on behalf of the Bank of Mexico.

II.

Operations with or on behalf of the Federal Government.

III.

Operations with or on behalf of the Institute for the Protection of Bank Savings (IPAB)

IV.

Operations with or on behalf of any of the following organizations: Bank for International Payments, International Monetary Fund, European Central Bank and European Community.

V.

Other authorized operations that are assimilated to this group.

Operations and assets with or on behalf of the persons included in this group will have a risk weight of 0 (zero) percent.

Group II

Group II will be integrated by:

I.

Operations with or on behalf of central governments of foreign countries and/or their central banks.

II.

Operations with or on behalf of international multilateral development or promotion organizations.

III.

Other authorized operations that are assimilated to this group.

Operations with or on behalf of the persons included in this group must be weighted according to the degree of risk corresponding to the credit rating assigned by any Rating Institution to the issuer or counterparty in question, as provided in tables 6.7.8.-a) and 6.7.8.-b) of this Annex. In the event that there is no rating for the issuer or counterparty in question, the risk weight will be the one indicated in table 6.7.8.-a)

for unclassified operations of Group II.

The operations indicated in fraction II of this group that are carried out with international multilateral development or promotion organizations included in the list referred to in Table 6.7.8.-c) meet the following requirements, will have a risk weight of 0 (zero) percent:

Long-term issuer rating located in risk degree 1;

Shareholder structure, which to a large extent is of sovereign states with long-term issuer ratings corresponding to risk degree 1 or better, or the majority of the financing of the international multilateral development or promotion organization is carried out in the form of shares or paid-in capital and the degree of leverage does not exist or is very reduced;

Strong shareholder backing exhibited by: the volume of capital paid out by shareholders, the additional capital that international multilateral development or promotion organizations have the right to demand when necessary in order to amortize their liabilities, and the continuous capital contributions and new commitment of contributions by sovereign shareholders;

Have an adequate level of capital and liquidity; and

Present strict regulatory requirements for the granting of credits and conservative financial policies, including, among others, the following conditions:

a)

Structured approval process, internal limits on credit capacity and risk concentration (by country, sector and individual risk and credit category),

b)

Approval of the most important credits by the board of directors or by a board committee,

c)

Fixed amortization schedules,

d)

Effective monitoring of the use of credit funds,

e)

Examination of the loan status,

f)

Rigorous risk assessment and

g)

Provisioning for insolvencies.

Group III

Group III will be integrated by:

I.

Deposits and operations with or on behalf of financial entities that are subsidiaries of multiple banking institutions.

II.

Deposits and operations with or on behalf of multiple banking institutions and brokerage houses, constituted in Mexico.

III.

Deposits and operations with or on behalf of insurance institutions authorized in Mexico.

IV.

Other authorized operations that are assimilated to this group.

Operations with or on behalf of the persons included in this group must be weighted according to the degree of risk corresponding to the credit rating assigned by any Rating Institution to the issuer or counterparty in question, as provided in tables 6.7.8.-a) and 6.7.8.-b) of this Annex. In the event that there is no rating for the issuer or counterparty in question, the risk weight will be the one indicated in table 6.7.8-a) for unclassified operations of Group III.

Likewise, operations with or on behalf of multiple banking institutions that do not have at least two ratings or that these institutions do not disclose, will be subject to a risk weight of 100 percent.

Group IV

Group IV will be integrated by:

I.

Deposits and operations with or on behalf of development banking institutions.

II.

Operations with or on behalf of public trusts constituted by the Federal Government for economic promotion.

III.

Operations with or on behalf of decentralized organizations of the Federal Government and state productive enterprises.

IV.

Other authorized operations that are assimilated to this group.

The operations included in this group will have a risk weight of 20 percent.

Without prejudice to what is established in the previous paragraph, operations with or on behalf of development banking institutions in which, in accordance with their respective organic laws, the Federal Government responds at all times for said operations, will have a risk weight of 0 (zero) percent.

Group V

Group V will be integrated by:

Operations with or on behalf of the Government of the Federal District, the states and the municipalities, or their decentralized organizations, or backed or guaranteed by the state to which said municipalities or organizations belong.

The operations included in this group will not be subject to recognition of real or personal guarantees that have already been considered at the time of their rating.

The operations included in this group will have a risk weight of:

I.

20 percent if they are registered with the Secretariat, have ratings from at least two authorized Rating Institutions and the rating granted to the state, municipality or decentralized organization in question corresponds to at least the second category of rating next lower than the rating granted to the Federal Government, according to the corresponding scale, short-term or long-term and debt in pesos or debt in foreign currency.

II.

50 percent if they are registered with the Secretariat, have ratings from at least two authorized Rating Institutions and the rating granted to the state, municipality or decentralized organization in question is in the third or fourth category of rating next lower than the rating granted to the Federal Government, according to the corresponding scale, short-term or long-term and debt in pesos or debt in foreign currency.

III.

115 percent if they are registered with the Secretariat, have ratings from at least two authorized Rating Institutions and the rating granted to the state, municipality or decentralized organization in question is lower than the fourth category of rating next lower than the rating granted to the Federal Government, according to the corresponding scale, short-term or long-term and debt in pesos or debt in foreign currency.

IV.

150 percent if they are not registered with the Secretariat or do not have at least two ratings from two authorized Rating Institutions.

To determine the difference between the rating categories referred to in fractions I, II and III above, the ratings of that Rating Institution that registers the greatest difference between the category relative to the Federal Government and the category relative to the state, municipality or decentralized organization in question will be taken.

Credits and values on behalf of municipalities or their decentralized organizations that do not have their own rating, but are backed or guaranteed by the state to which they belong, will have the weighting percentage corresponding to said state for a similar operation, in accordance with numerals I to IV above.

For the purposes of what is established in fractions I to IV above, the next lower rating category to the rating degree granted by recognized Rating Institutions, represented by letters, which in turn may have different levels represented by numbers and/or signs that represent an immediate lower rating with respect to another determined one, based on variations of the letters, will be understood.

Group VI

In Group VI, the following must be considered:

Operations with or on behalf of legal entities, or natural persons with business activity, whose amount does not exceed the equivalent in national currency to four million UDIs and that have a credit rating assigned by any of the Rating Institutions to the issuer or counterparty in question. The risk weight will be determined in accordance with Group VII-A.

Group VII-A

The following will be classified in Group VII-A:

I.

Operations with or on behalf of legal entities or natural persons with business activity that, individually or collectively, with respect to the same issuer or counterparty, are equal to or greater than the amount equivalent in national currency to four million UDIs, not included in the previous groups.

II.

Deposits and operations with or on behalf of banking institutions, brokerage houses or their equivalents abroad.

III.

Deposits and operations with or on behalf of insurance institutions abroad.

Real or personal guarantees of the operations included in this group that have already been considered in the rating granted by a Rating Institution will not be recognized.

The operations included in this group must be weighted according to the degree of risk corresponding to the credit rating assigned by any of the Rating Institutions to the issuer or counterparty in question, as provided in tables 6.7.8.-a) and 6.7.8.-b) of this Annex.

Without prejudice to the previous paragraph, for the purposes of weighting the Operations indicated in fraction II of Group VII-A, the global scale credit rating assigned by any of the Rating Institutions to the central government of the foreign country to which the banking institution, brokerage house and its equivalents abroad belong, with which such operations are maintained, must be used.

In the event that there is no rating for the issuer, counterparty or central government of the foreign country in question, the risk weight will be the one indicated in table 6.7.8.-a) for unclassified operations of Group VII.

In no case will the risk weight assigned to unclassified operations included in this group be lower than that of the central government of the country to which they belong.

Group VII-B

Group VII-B will classify operations with or on behalf of legal entities or natural persons with business activity, that, individually or collectively, with respect to the same issuer or counterparty, are equal to or greater than the amount equivalent in national currency to four million UDIs, not included in the previous groups and are credits granted for infrastructure projects.

The operations included in this group will not be subject to recognition of real or personal guarantees that have already been considered in the credit rating assigned by any of the Rating Institutions.

The operations included in this group must be weighted, in accordance with the previous group, regarding the uncovered part of the credits included in this group. With respect to the covered part of the credits included in this group, it will have a risk weight of:

I.

20 percent if they are credits granted to concessionaires that:

a)

Have service provision contracts signed with dependencies, states, municipalities

and their decentralized or non-centralized bodies, as well as other entities in the public sector;

b)

Such public bodies are obligated to pay a tariff to cover the investment financed with debt, and c)

The obligation indicated in the preceding subsection b) is guaranteed or backed by participations of federal revenues, or by federal budget, either through a trust or by means of a contingent credit line granted by development banks to the dependencies, entities or organizations referred to.

II.

20 percent if they are credits that have irrevocable and unconditional guarantees granted by development banks, by public trusts constituted by the Federal Government for economic promotion, or by the National Infrastructure Fund.

III.

0 (zero) percent if they are credits for infrastructure projects that have irrevocable and unconditional guarantees provided by international multilateral development or promotion organizations that meet the requirements established in Group II.

Group VIII

Group VII shall be composed of any operation not included in Groups I to VII having a risk weight of 100 percent.

Table 6.7.8.-a) Correspondence of Ratings and Long-Term Risk Grades

Risk Grades Standard Method Recognized Rating Scales Global Scale Risk Weight Local Mexico Scale Risk Weight S&P MOODY'S S FITCH HR RATINGS Group II Group III Group VI and VII S&P MOODY'S FITCH HR RATINGS VERUM Group II Group III Group VI and VII 1 AAA AA+ AA AA- Aaa Aa1 Aa2 Aa3 AAA AA+ AA AA- HR AAA (G) HR AA+ (G) HR AA (G) HR AA- (G) 0% 20% 20% 2 A+ A A- A1 A2 A3 A+ A A- HR A+ (G) HR A (G) HR A- (G) 20% 20% 50% mxAAA Aaa.mx AAA (mex) HR AAA AAA/M 20% 20% 20% 3 BBB+ BBB BBB- Baa1 Baa2 Baa3 BBB+ BBB BBB- HR BBB+ (G) HR BBB (G) HR BBB- (G) 50% 20% 100% mxAA+ mxAA mxAA- Aa1.mx Aa2.mx Aa3.mx AA+ (mex) AA (mex) AA- (mex) HR AA+ HR AA HR AA- AA+/M AA/M AA-/M 50% 20% 50% 4 BB+ BB BB- Ba1 Ba2 Ba3 BB+ BB BB- HR BB+ (G) HR BB (G) HR BB- (G) 100% 100% 100% mxA+ mxA mxA- A1.mx A2.mx A3.mx A+ (mex) A (mex) A- (mex) HR A+ HR A HR A- A+/M A/M A-/M 100% 20% 100% mxBBB+ mxBBB mxBBB- Baa1.mx Baa2.mx Baa3.mx BBB+ (mex) BBB (mex) BBB- (mex) HR BBB+ HR BBB HR BBB- BBB+/M BBB/M BBB-/M 5 B+ B B- B1 B2 B3 B+ B B- HR B+ (G) HR B (G) HR B- (G) 100% 150% 150% mxBB+ mxBB mxBB- Ba1.mx Ba2.mx Ba3.mx BB+ (mex) BB (mex) BB- (mex) HR BB+ HR BB HR BB- BB+/M BB/M BB-/M 100% 100% 100% 6 CCC CC C and lower Caa Ca C and lower CCC CC C and lower HR C+ (G) HR C (G) HR C- (G) and lower 150% 150% 150% mxB+ mxB mxB- mxCCC mxCC and lower B1.mx B2.mx B3.mx Caa1.mx Caa2.mx Caa3.mx Ca.mx C.mx and lower B+ (mex) B (mex) B- (mex) CCC (mex) CC (mex) C (mex) and lower HR B+ HR B HR B- HR C+ HR C HR C- and lower B+/M B/M B-/M C/M D/M and lower 150% 150% 150% Not Rated 100% 100% 100% 100% 100% 100%

Table 6.7.8.-b). Short-Term Rating and Risk Grade Correspondence Table

Short-Term Risk Grades Standard Method Recognized Rating Scales Risk Weight Global Scale Local Mexico Scale S&P MOODY'S FITCH HR RATINGS S&P MOODY'S FITCH HR RATINGS VERUM 1 A-1+ A-1 P-1 F1+ F1 HR+1 (G) HR1 (G) mxA-1+ mxA-1 MX-1 F1+(mex) F1 (mex) HR+1 HR1 1+/M 1/M 20% 2 A-2 P-2 F2 HR2 (G) mxA-2 MX-2 F2 (mex) HR2 2/M 50% 3 A-3 P-3 F3 HR3 (G) mxA-3 MX-3 F3 (mex) HR3 3/M 100% 4 B B HR4 (G) mxB B (mex) HR4 4/M 120% 5 C NP C HR5 (G) mxC and lower MX-4 and lower C (mex) and lower HR5 and lower D/M and lower 150% Unrated short-term credits shall be weighted at 100%.

Table 6.7.8.-c) List of International Multilateral Development or Promotion Organizations

1. International Bank for Reconstruction and Development (IBRD)
2. International Finance Corporation (IFC)
3. Asian Development Bank (ADB),
4. African Development Bank (AfDB)
5. European Bank for Reconstruction and Development (EBRD)
6. Inter-American Development Bank (IDB)
7. European Investment Bank (EIB)
8. European Investment Fund (EIF)
9. Nordic Investment Bank (NIB)
10. Caribbean Development Bank (CDB)
11. Islamic Development Bank (IDB)
12. Council of Europe Development Bank (CEB)
13. International Facility for Immunization Financing (IFI)
14. Multilateral Investment Guarantee Agency (MIGA)

ANNEX 6.7.20.

STANDARD ADJUSTMENT FACTORS FOR REAL GUARANTEES AND POSITIONS IN THE INTEGRAL TECHNIQUE

The following adjustment factors are expressed in percentages, assuming daily valuation of the asset at market prices and a holding period of 10 business days:

Adjustment Factors and Instruments and Assets

Instruments and Assets Adjustment Factors Risk Grade

ANNEX 6.7.8.

Remaining Maturity Sovereigns % Other Issuers % 1 Less than or equal to 1 year 0.5 1 1 to 5 years 2 4 More than 5 years 4 8 2, 3 includes unrated banking securities Less than or equal to 1 year 1 2 1 to 5 years 3 6 More than 5 years 6 12 4 All 15 Shares and convertible securities included in main indices 15 Other securities and convertible securities traded on recognized markets. Securities with risk grades 5 or 6. 25 Investment Companies The applicable adjustment factor shall be the highest presented by the instruments in which the Company is permitted to invest. Cash 0

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