Modifying Circular 5/18 of the Single Circular on Insurance and Sureties

DOF: 18/05/2018

Modifying Circular 5/18 of the Single Circular on Insurance and Sureties

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

MODIFYING CIRCULAR 5/18 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.1.2.)

The National Commission of Insurance and Sureties, based on the provisions of Articles 366, fraction II, 367, fraction I, 369, fraction I, 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 issuing 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 issued.

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 its 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 surveillance of the National Commission of Insurance and Sureties must adhere in the development of their operations.

That in terms of what is provided in Article 49 of the Law of Insurance and Surety Institutions, the minimum paid-in capital that insurance and surety institutions must have for each operation or line, or line or sub-line, as the case may be, that is authorized to them, shall be the equivalent in national currency to the value of the Investment Units determined by the Commission through general provisions.

That with the objective of providing greater legal certainty regarding the regulatory framework to which the aforementioned entities must adhere, it is necessary to modify the Single Circular on Insurance and Sureties regarding the minimum paid-in capital, in order to make known the value of the Investment Unit that insurance and surety institutions must consider to calculate the equivalent in national currency of their minimum paid-in capital as established by Article 49 of the Law of Insurance and Surety Institutions.

That through the determination of minimum paid-in capitals, it is sought that insurance and surety institutions have a solid financial position that allows them to respond to the obligations and responsibilities they assume in the exercise of their activity; therefore, it is necessary to modify Annex 6.1.2 of the Single Circular on Insurance and Sureties in order to make known the value of the Investment Unit that said institutions must consider to calculate the equivalent in national currency of their minimum paid-in capital.

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

MODIFYING CIRCULAR 5/18 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.1.2.)

SOLE.-

Annex 6.1.2 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 Articles 366, fraction II, 367, fraction I, 369, fraction I, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Effective Suffrage. No Re-election.

Mexico City, May 10, 2018.- The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Signature.

ANNEX 6.1.2.

MINIMUM PAID-IN CAPITAL THAT INSTITUTIONS MUST HAVE

The minimum paid-in capital that Insurance Institutions must have is fixed as follows:

I.

Life.- The equivalent to 6,816,974 (six million eight hundred sixteen thousand nine hundred seventy-four) UDIs.

II.

Pension Insurance.- The equivalent to 28,000,000 (twenty-eight million) UDIs.

III.

Accidents and illnesses:

a)

Lines of personal accidents and/or medical expenses.- The equivalent to 1,704,243 (one million seven hundred four thousand two hundred forty-three) UDIs.

b)

Line of health, including personal accidents and/or medical expenses.- The equivalent to 1,704,243 (one million seven hundred four thousand two hundred forty-three) UDIs.

IV.

Property:

a)

One line.- The equivalent to 5,112,730 (five million one hundred twelve thousand seven hundred thirty) UDIs.

b)

Two lines.- The equivalent to 6,816,974 (six million eight hundred sixteen thousand nine hundred seventy-four) UDIs.

c)

Three lines or more lines.- The equivalent to 8,521,217 (eight million five hundred twenty-one thousand two hundred seventeen) UDIs.

d)

Regardless of what is provided in the preceding subsections for the operation of property, specifically regarding the lines of housing credit and financial guarantee, the following is required:

1)

Housing credit.- The equivalent to 12,200,000 (twelve million two hundred thousand) UDIs.

2)

Financial guarantee.- The equivalent to 33,200,000 (thirty-three million two hundred thousand) UDIs.

The minimum paid-in capital that Institutions operating sureties must have, for each line they are authorized to operate, including the sub-line or sub-lines of each, is fixed as follows:

I.

Sureties:

a)

One line.- The equivalent to 7,310,308 (seven million three hundred ten thousand three hundred eight) UDIs.

b)

Two lines.- The equivalent to 9,747,077 (nine million seven hundred forty-seven thousand seventy-seven) UDIs.

c)

Three lines or more lines.- The equivalent to 12,183,846 (twelve million one hundred eighty-three thousand eight hundred forty-six) UDIs.

Insurance Institutions authorized exclusively to practice Reinsurance are assigned for each operation or line they have been authorized to practice 50% of the minimum paid-in capital expressed in UDI indicated above, with the exception of the Re-surety operation.

For Insurance Institutions that do not have authorization to operate sureties and that carry out Re-surety operations, the following is assigned for each surety line:

I.

Re-surety

a)

One line.- The equivalent to 3,655,154 (three million six hundred fifty-five thousand one hundred fifty-four) UDIs.

b)

Two lines.- The equivalent to 4,873,538 (four million eight hundred seventy-three thousand five hundred thirty-eight) UDIs.

c)

Three lines or more lines.- The equivalent to 6,091,923 (six million ninety-one thousand nine hundred twenty-three) UDIs.

To cover the minimum paid-in capital as established in this Annex, Institutions must multiply the number of UDIs determined for each operation or line or line or sub-line, as the case may be, that they are authorized, as well as for pension insurance derived from Social Security Laws, by the value of the UDI corresponding to December 31, 2017, made known by the Bank of Mexico in the Official Gazette of the Federation on the 22nd of the same month and year.

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