Modifying Circular 4/18 of the Single Insurance and Surety Circular

DOF: 17/04/2018

MODIFYING CIRCULAR 4/18 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

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

MODIFYING CIRCULAR 4/18 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

The National Insurance and Sureties 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 articles 232, 233, and 234 of the Law of Insurance and Surety Institutions, Insurance Institutions must calculate a solvency capital requirement monthly, and specifically, for the insurance referred to in fraction II of article 27 of said Law, the calculation of said requirement shall only be carried out in accordance with the general formula determined for this purpose by the National Insurance and Sureties Commission.

That article 235, fraction VI, subsection b), of the Law of Insurance and Surety Institutions establishes that the solvency capital requirement shall cover the risk of mismatch between assets and liabilities, which will reflect the potential loss derived from the structural lack of correspondence between assets and liabilities, due to the fact that a position cannot be covered by establishing an equivalent opposite position, and shall consider, at least, duration, currency, interest rate, exchange rates, price indices, among others.

That Provision 6.5.6. of the Single Insurance and Surety Circular states that the calculation of the asset-liability mismatch capital requirement must be determined considering up to the measurement interval k for which there is some asset available in the market, or that through the use of financial derivative instruments, the Insurance Institution can hedge said liability.

That in order to facilitate the timely update of the measurement interval k referred to, so that Insurance Institutions maintain an adequate hedging position between assets and liabilities, the National Insurance and Sureties Commission periodically reviews this parameter.

That the investments affected to cover the investment base accessible to Institutions practicing pension insurance derived from social security laws are currently considered with a maximum maturity of 28 years; therefore, it is necessary to modify the value of the measurement interval k established in Annex 6.5.7. of the Single Insurance and Surety Circular, so that it takes this value.

For the aforementioned reasons, the National Insurance and Sureties Commission has resolved to issue a Modifying Circular to the Single Insurance and Surety Circular in the terms indicated below:

MODIFYING CIRCULAR 4/18 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Annex 6.5.7.)

SINGLE.- Annex 6.5.7. of the Single Insurance and Surety Circular is modified.

TRANSITIONAL

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, April 6, 2018.- The President of the National Insurance and Sureties Commission,

Norma Alicia Rosas Rodríguez.- Signature.

ANNEX 6.5.7.

MEASUREMENT INTERVAL k FOR THE PURPOSES OF THE CAPITAL REQUIREMENT FOR

MISMATCH BETWEEN ASSETS AND LIABILITIES

k=28

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