Modifying Circular 3/17 of the Single Circular on Insurance and Sureties

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DOF: 04/20/2017

Modifying Circular 3/17 of the Single Circular on Insurance and Sureties

At the margin, a seal 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 3/17 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 5.15.3.)

The National Commission of Insurance and Sureties, 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 on April 4, 2013, the "Decree establishing the Law of Insurance and Surety Institutions and reforming and adding various provisions of the Law on the Insurance Contract" was published in the Official Gazette of the Federation, through which, in terms of its First Article, the Law of Insurance and Surety Institutions was established.

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, systematizing their integration and homogenizing the terminology used, 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.

That with the objective of providing greater legal certainty regarding the regulatory framework to which the aforementioned entities must adhere, the National Commission of Insurance and Sureties has deemed it necessary to make some modifications and additions related to technical aspects of the Single Circular on Insurance and Sureties.

That in accordance with the provisions of Article 220 of the Law of Insurance and Surety Institutions, Surety Institutions must constitute, among others, the reserve for outstanding sureties.

That in terms of what is established in Article 224 of the Law of Insurance and Surety Institutions, the National Commission of Insurance and Sureties, through general provisions, will determine the form and terms in which said Institutions must inform and verify with it everything related to their technical reserves.

That according to Provision 5.15.2., fraction IV, of the Single Circular on Insurance and Sureties, paid claim indices will be reviewed during the first quarter of each year and updated when a significant change in their value is observed.

That in accordance with Provision 5.15.3. of the Single Circular on Insurance and Sureties, Institutions that do not have timely, homogeneous, reliable, and sufficient information to perform the calculation for the constitution, increase, and valuation of the reserve for outstanding sureties as provided in Provision 5.15.2., while generating such information, must use the method described in said Provision 5.15.3., using the paid claim indices and the annual administrative expense index for each line, sub-line, or type of surety, from the surety market presented in Annex 5.15.3. of said Circular.

That in order for said Institutions to have the necessary indices to carry out the correct valuation of the reserve for outstanding sureties with reliable, homogeneous, and sufficient values, the National Commission of Insurance and Sureties has determined it convenient to update Annex 5.15.3. of the Single Circular on Insurance and Sureties.

Therefore, 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 3/17 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(ANNEX 5.15.3.)

SINGLE.- Annex 5.15.3. of the Single Circular on Insurance and Sureties is modified.

TRANSITORY

SINGLE.-

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

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 Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, April 17, 2017.- National Commission of Insurance and Sureties.- In the absence of the

President of the National Commission of Insurance and Sureties, based on Article 46 of the Internal Regulations of this Commission, the Vice President of Institutional Operation, Gerardo Lozano de León.- Signature.

ANNEX 5.15.3.

SURETY MARKET INFORMATION, FOR THE PURPOSES OF VALUATION OF THE

RESERVE FOR OUTSTANDING SURETIES IN THE CASE PROVIDED FOR IN PROVISION 5.15.3.

Institutions that do not have timely, homogeneous, reliable, and sufficient information to perform the calculation for the constitution, increase, and valuation of the reserve for outstanding sureties, while generating such information, must use the method described in provision 5.15.3, using the paid claim indices and the annual administrative expense index, from the surety market, indicated below:

I.

Paid Claim Indices:

Line or type of surety

Index

Fidelity to first risk.

88.47%

Other fidelity

1.45%

Judicial covering drivers of

motor vehicles

0.50%

Other judicial

0.77%

Administrative

0.22%

Credit

0.90%

II.

Annual administrative expense indices:

Surety line

Index

Fidelity

0.65%

Judicial

0.17%

Administrative

0.09%

Credit

0.23%

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