Modifying Circular 3/20 of the Single Circular on Insurance and Sureties

DOF: 31/03/2020

MODIFYING CIRCULAR 3/20 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

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

MODIFYING CIRCULAR 3/20 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

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 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 necessary Admissible Own Funds to back a Solvency Capital Requirement resulting from applying the general formula referred to in article 236 of said Law, or alternatively, through the use of an internal model, in terms of what is established in article 237 of the cited Law; this without prejudice to the fact that such institutions maintain sufficient assets and investments for the coverage of the investment base and the minimum paid-in capital, provided for in said Law.

That according to what is established in Provision 6.4.11 of the current Single Circular on Insurance and Sureties, the Commission will make known the Basic Adjustment Factor for Credit Risk (FBA) and the Credit Risk Adjustment Factor (FA) that Insurance Institutions must apply for the purpose of determining the capital requirement factor corresponding to the issued guarantee.

That in view of the foregoing, it is necessary to inform authorized institutions for operating financial guarantee insurance of the values assigned to the credit risk adjustment factors that they must apply for the purpose of determining the capital requirement factor corresponding to the issued guarantee, relative to the fourth quarter of 2019.

For the aforementioned reasons, 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 3/20 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

SOLE.- Annex 6.4.11 of the Single Circular on Insurance and Sureties is modified.

TRANSITORY

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

The foregoing is made known to you, 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.

Respectfully,

Mexico City, March 20, 2020. - The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

ANNEX 6.4.11.

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

I. In the case of Government Bonds:

FBA

2.0617

II. In the case of:

a)
Assets-backed securities,

b)
Guaranteed securities that have collateral guarantee or a maturity of 7 years or less, and

c)
Guaranteed securities that do not have collateral guarantee or have a maturity greater than 7 years:

FA

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

2.0617

FA

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

2.2000

FA

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

2.2500

FA

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

3.2056

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