Modifying Circular 1/25 of the Single Insurance and Surety Bond Circular

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DOF: 23/06/2025

CIRCULAR Modificatoria 1/25 de la Única de Seguros y Fianzas

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Treasury.- Ministry of Finance and Public Credit.- National Commission of Insurance and Surety Bonds.

MODIFYING CIRCULAR 1/25 OF THE SINGLE INSURANCE AND SURETY BOND CIRCULAR

(Annexes 5.15.3. and 7.2.5.)

The National Commission of Insurance and Surety Bonds, based on what is provided in articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Bond Institutions, and:

CONSIDERING

That in terms of what is provided in Chapter 5.15 of the Single Insurance and Surety Bond Circular, Institutions will value the reserve for sureties in force using paid claim ratios that will be calculated by this Commission and assigned to each Institution during the first quarter of each year.

That Institutions that do not have timely, homogeneous, reliable, and sufficient information to carry out the valuation of the reserve for sureties in force, must use the paid claim ratios and the annual index of administrative expenses of the surety market made known in Annex 5.15.3. of the Single Insurance and Surety Bond Circular.

That in accordance with what is provided in Provision 5.15.2, fraction IV, of the Single Insurance and Surety Bond Circular, said claim ratios will be reviewed during the first quarter of each year and updated when a significant change in the value of these is observed.

That with the objective that Institutions comply with the above, this Decentralized Body considers it convenient to update in the same way the market parameters referred to in Annex 5.15.3. of the aforementioned Circular.

That Chapter 7.2. of the Single Insurance and Surety Bond Circular refers that Institutions are obligated to report to this Commission the results of the Dynamic Solvency Test carried out with the statutory scenarios referred to in Annex 7.2.5. of the same Circular.

That Provision 7.2.1. of the Circular in question provides that Institutions must carry out, at least annually, a Dynamic Solvency Test whose purpose will be to evaluate the sufficiency of the Admissible Own Funds of such entities to cover the Solvency Capital Requirement under various prospective scenarios in their operation.

That, taking into account the foregoing, the Commission has determined the statutory scenarios that could affect the financial condition of Institutions, taking into account the general evolution of the insurance and surety markets and the macroeconomic context of the country, so it is necessary to update the statutory scenarios for the Dynamic Solvency Test, which Institutions must use to carry out said test, corresponding to the 2024 exercise.

Therefore, this Commission issues the following modification to the Single Insurance and Surety Bond Circular in the following terms:

MODIFYING CIRCULAR 1/25 OF THE SINGLE INSURANCE AND SURETY BOND CIRCULAR

(Annexes 5.15.3 and 7.2.5)

FIRST.- Annex 5.15.3. of the Single Insurance and Surety Bond Circular is modified.

SECOND.- Annex 7.2.5. of the Single Insurance and Surety Bond Circular is modified.

TRANSITORY PROVISIONS

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

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

Respectfully,

Mexico City, June 9, 2025.- The President of the National Commission of Insurance and Surety Bonds, Ricardo Ernesto Ochoa Rodríguez.- Signature.

ANNEX 5.15.3.

SURETY MARKET INFORMATION FOR PURPOSES OF VALUATION OF THE RESERVE FOR SURETIES IN FORCE IN THE CASE PROVIDED FOR IN PROVISION 5.15.3.

Institutions that do not have timely, homogeneous, reliable, and sufficient information to carry out the calculation for the establishment, increase, and valuation of the reserve for sureties in force, while they generate such information, must employ the method described in Provision 5.15.3, using the paid claim ratios and the annual indices of administrative expenses of the surety market, which are indicated below.

I.

Paid Claim Ratios

Line or type of surety Index

Fidelity to first risk 85.05%

Other fidelities 1.42%

Judicial covering drivers of motor vehicles 0.61%

Other judicial 0.79%

Administrative 0.23%

Credit 0.83%

II.

Annual Administrative Expense Indices

Surety line Index

Fidelity 1.11%

Judicial 0.31%

Administrative 0.09%

Credit 0.17%

ANNEX 7.2.5.

STATUTORY SCENARIOS FOR THE CONDUCT OF THE DYNAMIC SOLVENCY TEST

For the purposes of carrying out the dynamic solvency test, the hypotheses and statutory scenarios with which the dynamic solvency test must be carried out are defined below:

...

HYPOTHESES RELATED TO COUNTERPARTY RISK

3.1.

Hypothesis for scenario of losses due to Insolvency of Reinsurer or Re-surety.

This hypothesis must consist of assuming the insolvency of the reinsurer or re-surety that has the largest participation in ceded risk of the Institution, whether in proportional or non-proportional contracts.

For these effects, it must be assumed that the loss, given the insolvency of a reinsurer or re-surety, is at least 60% of the amount of gross claims or losses, projected in accordance with what is indicated in fraction 1.1.6., that the reinsurer or re-surety would have had to cover in a solvent situation.

...

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