Modifying Circular 11/16 of the Single Circular on Insurance and Sureties

DOF: 24/06/2016

Modifying Circular 11/16 of the Single Circular on Insurance and Sureties

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

MODIFYING CIRCULAR 11/16 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-Fifth Transitional Provision)

The National Commission of Insurance and Sureties, pursuant to the provisions of Articles 366, Section II, 372, Sections VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That on December 19, 2014, the Single Circular on Insurance and Sureties was published in the Official Gazette of the Federation, through which the general provisions emanating from the Law of Insurance and Surety Institutions are made known, in order to thereby provide legal certainty regarding the regulatory framework to which Insurance Institutions and Mutual Insurance Societies, Surety Institutions, and other persons and entities subject to the inspection and supervision of the National Commission of Insurance and Sureties must adhere in the development of their operations, beginning its validity, in terms of its First Transitional Provision, on April 4, 2015.

That according to what is established in Section II of Provision 8.4.2. of the Single Circular on Insurance and Sureties, Insurance Institutions, prior to the celebration of contracts for the execution of Financial Derivative Operations, must obtain authorization from the National Commission of Insurance and Sureties, by accrediting that, among others, the operator in charge of the control and recording of Financial Derivative Operations, designated by the Institution, must be certified by one of the independent third parties indicated in Annex 8.4.2. of the aforementioned Circular, and such certification must be renewed every three years with one of the aforementioned independent third parties.

That the Single Circular on Insurance and Sureties entered into force on April 4, 2015, and in order to provide legal certainty, both to Insurance Institutions and to the persons who must hold the Certification referred to in Section II of Provision 8.4.2. of the Single Circular on Insurance and Sureties, it is necessary to establish the moment from which the three-year period provided for in said Provision to obtain the renewal of the certification of the independent third party referred to in Annex 8.4.2. of the mentioned Single Circular will begin to run.

For the foregoing, the National Commission of Insurance and Sureties has resolved to issue the following modification to the Single Circular on Insurance and Sureties in the following terms:

MODIFYING CIRCULAR 11/16 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-Fifth Transitional Provision)

SOLE PROVISION.

Provision Seventy-Fifth Transitional is added to the Single Circular on Insurance and Sureties to read as follows:

SEVENTY-FIFTH.-

For the purposes of the renewal period of the certification of the operator in charge of the control and recording of Financial Derivative Operations referred to in Section II of Provision 8.4.2., persons who at the time of entry into force of these Provisions hold a certification granted by an independent third party, in accordance with what is stated in Annex 8.4.2., the three-year period to obtain the renewal of said certification must be counted from the entry into force of the Law of Insurance and Surety Institutions and these Provisions, that is, April 4, 2015.

TRANSITIONAL

SOLE PROVISION.

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

The foregoing is made known to you, pursuant to Articles 366, Section II, 372, Sections VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, June 13, 2016. - The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Signature.

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