Modifying Circular 1/17 of the Single Insurance and Surety Circular

DOF: 16/03/2017

Modifying Circular 1/17 of the Single Insurance and Surety Circular

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

MODIFYING CIRCULAR 1/17 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

The National Insurance and Sureties Commission, based on the provisions of articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Companies, and

CONSIDERING

That in accordance with the provisions of articles 232, 233 and 234 of the Law of Insurance and Surety Companies, Institutions must calculate monthly a solvency capital requirement, and in particular, 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 Commission.

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

That Provision 6.5.6. of the Single Insurance and Surety Circular states that the calculation of the asset-liability mismatch capital requirement must be determined considering up to the measurement interval k for which there is some asset available in the market, or that through the use of financial derivative instruments, the Insurance Institution can hedge said liability.

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 Insurance and Sureties Commission periodically reviews this parameter.

That the investments affected to cover the investment base to which Institutions practicing social security law pension insurance have access, are currently considered with a maximum maturity of 29 years, so it is necessary to update the value of the measurement interval k established in Annex 6.5.7. of the Single Insurance and Surety Circular, so that it takes this value.

For the above reasons, the National Insurance and Sureties Commission has resolved to issue a Modifying Circular to the Single Insurance and Surety Circular in the terms set forth below:

MODIFYING CIRCULAR 1/17 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

SOLE.- Annex 6.5.7. of the Single Insurance and Surety Circular is modified.

TRANSITORY

SOLE.- This Modifying Circular shall enter into force on March 31, 2017.

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 Companies.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, March 6, 2017.- The President of the National Insurance and Sureties Commission, Norma Alicia Rosas Rodríguez.- Signature.

ANNEX 6.5.7.

MEASUREMENT INTERVAL k FOR THE PURPOSES OF THE CAPITAL REQUIREMENT FOR

MISMATCH BETWEEN

ASSETS AND LIABILITIES ( )

k=29

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