Modificatory Circular 8/16 to the Single Insurance and Surety Circular

DOF: 07/04/2016

CIRCULAR Modificatoria 8/16 de la Única de Seguros y Fianzas

Al margen un sello con el Escudo Nacional, que dice: Estados Unidos Mexicanos.- Secretaría de Hacienda y

Crédito Público.- Comisión Nacional de Seguros y Fianzas.

CIRCULAR MODIFICATORIA 8/16 DE LA ÚNICA DE SEGUROS Y FIANZAS

(Disposiciones 34.3.1., 34.3.2., 34.3.3. y 34.3.4.)

The Comisión Nacional de Seguros y Fianzas, 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 the provisions of article 107 of the Law of Insurance and Surety Institutions,

for insurance institutions and mutual insurance societies and surety institutions to enter into reinsurance or surety contracts with any foreign reinsurer or surety entity, it is necessary that said entity be registered in the General Register of Foreign Reinsurers maintained by the Comisión Nacional de Seguros y Fianzas.

That the third paragraph of the aforementioned article 107 provides that the registration in the General Register of Foreign Reinsurers will be granted or denied at the discretion of said Commission, to first-tier foreign reinsurers that meet solvency and stability requirements to carry out operations and fulfill the objectives referred to in article 256 of the Law of Insurance and Surety Institutions.

That for the purposes of the foregoing, the fourth paragraph of article 107 of the Law of Insurance and Surety Institutions establishes that interested parties must present to the aforementioned Commission, among other documents, documentation that proves they hold the minimum rating determined by the Commission itself, granted by a specialized rating agency.

That Provision 34.1.2 of the Single Insurance and Surety Circular provides that the specialized rating agencies that may support the evaluation of solvency and stability for reinsurance and surety operations regarding insurance entities, foreign reinsurers, or foreign surety entities intending to obtain or renew their registration in the aforementioned Register, are those listed in Provision 34.3.1.

That by written request dated November 23, 2015, the company named HR Ratings de México, S.A. de C.V., requested the Comisión Nacional de Seguros y Fianzas to be incorporated into the Single Insurance and Surety Circular to be considered among the specialized rating agencies that may support the evaluation of solvency and stability of foreign reinsurers or foreign surety entities, for the purposes of article 107 of the Law of Insurance and Surety Institutions.

That after analyzing the aforementioned request, the Comisión Nacional de Seguros y Fianzas, through official letter No. 06-C00-41100/01164 dated January 27, 2016, informed HR RATINGS DE MÉXICO, S.A. DE C.V. regarding its incorporation into the Single Insurance and Surety Circular to be considered among the specialized rating agencies that can support the evaluation of solvency and stability of foreign reinsurers or foreign surety entities, for the purposes of Provision 34.1.2 of the aforementioned Single Circular.

That in view of the foregoing, it is necessary to modify Provisions 34.3.1., 34.3.2., 34.3.3. and 34.3.4. of the Single Insurance and Surety Circular in order to include the company named HR RATINGS DE MÉXICO, S.A. DE C.V. as another specialized rating agency for the purposes of article 107 of the Law of Insurance and Surety Institutions.

For the aforementioned reasons, the Comisión Nacional de Seguros y Fianzas has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:

CIRCULAR MODIFICATORIA 8/16 DE LA ÚNICA DE SEGUROS Y FIANZAS

(Disposiciones 34.3.1., 34.3.2., 34.3.3. y 34.3.4.)

SINGLE.- Provisions 34.3.1., 34.3.2., 34.3.3. and 34.3.4 of the Single Insurance and Surety Circular are modified

to read as follows:

34.3.1.

...

I.

...

II.

...

III.

Moody's;

IV.

Standard & Poor's, and

V.

HR Ratings de México, S.A. de C.V.

34.3.2.

...

I.

...

II.

...

III.

Baa3, when referring to ratings granted by Moody's;

IV.

BBB-, when referring to ratings granted by Standard & Poor's, and

V.

HR BBB-(G), when referring to ratings granted by HR Ratings de

México, S.A. de C.V.

34.3.3.

...

I.

...

II.

...

III.

Aa3, when referring to ratings granted by Moody's;

IV.

AA-, when referring to ratings granted by Standard & Poor's, and

V.

HR AA-(G), when referring to ratings granted by HR Ratings de México,

S.A. de C.V.

34.3.4.

...

I.

...

II.

...

III.

Aaa, when referring to ratings granted by Moody's;

IV.

AAA, when referring to ratings granted by Standard & Poor's, and

V.

HR AAA(G), when referring to ratings granted by HR Ratings de México,

S.A. de C.V.

TRANSITIONAL

SINGLE.- This Modificatory Circular shall enter into force the day following its publication in the Official Journal 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, March 28, 2016.- The President of the Comisión Nacional de Seguros y Fianzas,

Norma Alicia Rosas Rodríguez.- Rubric.

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