Modifying Circular 7/24 to the Single Insurance and Surety Circular

DOF: 07/10/2024

Modifying Circular 7/24 of the Single Insurance and Surety Circular

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

MODIFYING CIRCULAR 7/24 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provision 8.2.3.)

The National Insurance and Sureties Commission, based on the provisions of Articles 2, fraction II, 217, fraction I, subsection a), item 2, 230, 247, fraction XI, 366, fraction II, 369, fraction I, 372, fractions XLI and XLII, 373, and 381 of the Insurance and Surety Institutions Law, and:

CONSIDERING

That the Insurance and Surety Institutions Law defines the investment base of Institutions and Mutual Societies as the sum of the technical reserves of the Institutions and Mutual Societies, which, in the case of Insurance Institutions, will additionally include premiums in deposit, resources from investment life insurance funds, and those related to the operations referred to in fractions XXI and XXII of Article 118 of said Law; and in the case of Mutual Societies, the social fund and the reserve fund referred to in Article 353 of said legislation.

In accordance with the provisions of Articles 217 and 230 of the Insurance and Surety Institutions Law, the establishment of technical reserves for risks in force will have the purpose of covering the expected value of future obligations, including those of insurance contracts corresponding to life insurance with a duration of one year or less.

For the case of assets that Institutions use to cover their investment base, these shall be those determined by the Commission for these purposes and must be invested seeking the greatest benefit for the insured, sureties, and beneficiaries.

Provision 8.2.3, fraction XXV, subsection a), item 1, of the Single Insurance and Surety Circular establishes that Institutions may cover their investment base with the amount of the participation of foreign institutions or reinsurers derived from the reserve of risks in force for ceded premiums, mentioning only those corresponding to property damage and accident and sickness operations; therefore, in order to expand the assets eligible to cover the investment base, it is required to add the recoverable reinsurance amounts corresponding to life insurance operations whose insurance contracts have a duration of one year or less.

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 following terms:

MODIFYING CIRCULAR 7/24 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Provision 8.2.3.)

SINGLE. - Provision 8.2.3, fraction XXV, subsection a), item 1, of the Single Insurance and Surety Circular is modified to read as follows:

8.2.3.

Subject to the provisions in Provisions 8.2.1 and 8.2.2, Institutions may cover their Investment Base with the following assets, securities, or instruments traded in the Mexican financial market:

...

XXV.

The following assets:

a)

In terms of the provisions in Article 230 of the LISF, the Recoverable Reinsurance Amounts as follows:

Participation of Foreign Institutions or Reinsurers for risks in force. The amount of the participation of Foreign Institutions or Reinsurers derived from the reserve of risks in force for ceded premiums, corresponding to life, accident and sickness, and property damage operations.

For the purposes of the preceding paragraph, regarding the life operation, only the insurance policies indicated in Article 217, fraction I, subsection a), item 2, of the Insurance and Surety Institutions Law shall be considered.

...

TRANSITORY PROVISIONS

FIRST. - Publish in the Official Gazette of the Federation.

SECOND. - This modification to the Circular shall enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, September 24, 2024. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez. - Signature.

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