Modifying Circular 14/18 of the Single Insurance and Surety Circular

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DOF: 12/12/2018

Modifying Circular 14/18 of the Single Insurance and Surety Circular

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

MODIFYING CIRCULAR 14/18 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.4.11.)

The National Insurance and Surety 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 Institutions, and

CONSIDERING

That in accordance with the provisions of article 232, in conjunction with article 233, both of the Law of Insurance and Surety Institutions, it is the obligation of Insurance Institutions to maintain the Admissible Own Funds necessary to back a Solvency Capital Requirement resulting from applying the general formula referred to in article 236 of said Law, or, through the use of an internal model, in terms of the provisions of article 237 of the aforementioned Law; this, without prejudice to the fact that such institutions maintain sufficient assets and investments to cover the investment base and the minimum paid-in capital, provided for in said Law.

That according to the provisions of Provision 6.4.11 of the current Single Insurance and Surety Circular, the Commission will make known the Basic Adjustment Factor for Credit Risk (FBA) and the Adjustment Factor for Credit Risk (FA) that Insurance Institutions must apply for the purpose of determining the capital requirement factor corresponding to the guaranteed issuance.

That in view of the foregoing, it is necessary to make known to the Institutions authorized to operate guaranteed financial insurance, the values assigned to the Adjustment Factors for Credit Risk that they must apply for the purpose of determining the capital requirement factor corresponding to the guaranteed issuance, relative to the third quarter of 2018.

For the aforementioned reasons, the National Insurance and Surety Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:

MODIFYING CIRCULAR 14/18 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.4.11.)

SINGLE.- Annex 6.4.11 of the Single Insurance and Surety Circular is modified.

TRANSITORY

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

This 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 Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, November 29, 2018.- The President of the National Insurance and Surety Commission, Norma Alicia Rosas Rodríguez.- Signature.

ANNEX 6.4.11.

FBA AND FA FACTORS FOR THE CALCULATION OF THE FACTORS APPLICABLE TO THE CALCULATION OF THE

I. For the case of Government Bonds:

FBA

1.8219

II. For the case of:

a) Asset-backed securities, b) Guaranteed values that have collateral guarantee or with a maturity of 7 years or less, and c) Guaranteed values that do not have collateral guarantee or with a maturity of more than 7 years:

FA

AAA (Standard & Poor's); Aaa (Moody's); AAA (Fitch)

1.8219

FA

AA (Standard & Poor's); Aa (Moody's); AA (Fitch)

1.9242

FA

A (Standard & Poor's); A (Moody's); A (Fitch)

1.9611

FA

BBB (Standard & Poor's); Baa2 (Moody's); BBB (Fitch)

2.6680

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