Modificatory Circular 16/21 of the Single Circular on Insurance and Sureties

DOF: 21/12/2021

MODIFICATORY CIRCULAR 16/21 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

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

MODIFICATORY CIRCULAR 16/21 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.5.7.)

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 articles 232, 233 and 234 of the Law of Insurance and Surety Institutions, Insurance Institutions must calculate monthly a solvency capital requirement, and specifically, for the insurance referred to in fraction II of article 27 of the aforementioned Law, the calculation of said requirement shall only be carried out in accordance with the general formula determined for this purpose by the National Commission of Insurance and Sureties.

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

That Provision 6.5.6. of the Single Circular on Insurance and Sureties states that the calculation of the capital requirement for asset-liability mismatch (RC SPD) must be determined considering up to the measurement interval for which there is any asset available in the market that offers a guaranteed yield equal to or greater than inflation, through which the Insurance Institution can hedge its liabilities.

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

That as a result of said review, the investments affected to cover the investment base to which institutions practicing pension insurance derived from social security laws have access, are currently considered to have a maximum maturity of 28 years, so it is necessary to update the value of the measurement segment k established in Annex 6.5.7. of the Single Circular on Insurance and Sureties, so that it takes this value.

Therefore, the National Commission of Insurance and Sureties has resolved to issue a Modificatory Circular to the Single Circular on Insurance and Sureties in the terms set forth below:

MODIFICATORY CIRCULAR 16/21 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.5.7.)

SINGLE.- Annex 6.5.7. of the Single Circular on Insurance and Sureties is modified.

TRANSITORY

SINGLE.- This Modificatory 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, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully

Mexico City, December 14, 2021.- The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

ANNEX 6.5.7.

MEASUREMENT SEGMENT k FOR THE PURPOSES OF THE CAPITAL REQUIREMENT FOR

MISMATCH BETWEEN ASSETS AND LIABILITIES (RC SPD)

k=28

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