Modifying Circular 1/24 of the Single Insurance and Surety Circular

DOF: 05/06/2024

Modifying Circular 1/24 of the Single Insurance and Surety Circular

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

MODIFYING CIRCULAR 1/24 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, 367, 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 a solvency capital requirement monthly, 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 National Insurance and Sureties Commission.

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 Insurance and Surety Circular states that the calculation of the asset-liability mismatch capital requirement 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 match its liabilities.

That in order to facilitate the timely update of the measurement interval k referred to, so that Insurance Institutions maintain an adequate matching position between assets and liabilities, the National Insurance and Sureties Commission 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 considered to have a maximum maturity of 26 years, so it is necessary to update the value of the measurement segment k established in Annex 6.5.7. of the Single Insurance and Surety Circular, so that it takes this value.

Therefore, the National Insurance and Sureties Commission has resolved to issue this Modifying Circular to the Single Insurance and Surety Circular in the terms set forth below:

MODIFYING CIRCULAR 1/24 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

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

TRANSITORY PROVISIONS

FIRST. - Publish in the Official Gazette of the Federation.

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

Respectfully,

Mexico City, May 27, 2024. - The President of the National Insurance and Sureties Commission, 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 ( )

k =26

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