Modifying Circular 8/24 of the Single Insurance and Surety Circular — SHCP — MX

DOF: 27/12/2024

Modifying Circular 8/24 of the Single Insurance and Surety Circular

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

CIRCULAR

MODIFYING

8/24

OF THE

SINGLE

INSURANCE

AND

SURETY

(Annexes

5.1.5-b

and

5.1.6-b)

The National Insurance and Surety Commission, based on the provisions of articles 216, fractions I and VI, 217, fractions I and VI, 366, fraction II, 367, 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 articles 216, fractions I and VI, 217, fractions I and VI, of the Law of Insurance and Surety Institutions (LISF), Insurance Institutions and Mutual Societies authorized to operate the catastrophic risk branch must constitute, among others, the risk in force reserve and the catastrophic risk reserve.

That in Provisions 5.1.5, fractions I and II, and 5.6.6, fraction VI, of the Single Insurance and Surety Circular (CUSF), it is established that the annual risk premium and the probable maximum loss (PML) of earthquake insurance will be determined through a computation system that operates in accordance with the technical bases established in Annex 5.1.5-a, which will be provided to Insurance Institutions and Mutual Societies by the National Insurance and Surety Commission, in accordance with what is indicated in Annex 5.1.5-b.

That Annex 5.1.5-b of the CUSF establishes the procedure for the delivery, by this Commission, of the computation system for the estimation of risk premiums and the PML of earthquake insurance, and in fraction V of the aforementioned annex, the version of the system that must be used by Institutions and Mutual Societies authorized to operate such insurance is specified, additionally indicating that the CNSF will announce, through general administrative provisions, any changes to the version of the referred computation system.

That in accordance with the provisions of Provisions 5.1.6, fractions I and II, and 5.6.5, fractions I and VIII, of the CUSF, the annual risk premium and the probable maximum loss (PML) of hurricane and other hydrometeorological risk insurance will be determined through a computation system that operates in accordance with the technical bases established in Annex 5.1.5-a, which will be provided to Insurance Institutions and Mutual Societies by the National Insurance and Surety Commission in accordance with what is indicated in Annex 5.1.6-b.

That Annex 5.1.6-b of the CUSF establishes the procedure for the delivery, by this Commission, of the computation system for the estimation of the risk premium and the PML of hurricane and other hydrometeorological risk insurance, and in fraction V of the aforementioned annex, the version of the system that must be used by Institutions and Mutual Societies authorized to operate such insurance is specified, additionally indicating that the CNSF will announce through administrative provisions any changes to the version of the referred computation system.

That with the modification to Annexes 5.1.5-b and 5.1.6-b, Insurance Institutions and Mutual Societies authorized to operate earthquake and hurricane and other hydrometeorological risk insurance are informed of the updated version (version 2.0) of the computation systems ( ) with which they must calculate the risk premium and the associated PML for these types of insurance, thereby improving processing speed and guaranteeing its operation and compatibility with the tools and platforms required by the current technological infrastructure of Insurance Institutions and Mutual Societies.

For the aforementioned reasons, this National Insurance and Surety Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:

MODIFYING CIRCULAR 8/24 OF THE SINGLE INSURANCE AND SURETY CIRCULAR (Annexes 5.1.5-b and 5.1.6-b)

FIRST.- Annex 5.1.5-b of the Single Insurance and Surety Circular is modified.

SECOND.- Annex 5.1.6-b of the Single Insurance and Surety Circular is modified.

TRANSITORY

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

SECOND.- This Modifying Circular will enter into force on March 31, 2025.

Respectfully,
Mexico City, December 17, 2024. - The President of the National Insurance and Surety Commission, Ricardo Ernesto Ochoa Rodríguez. - Signature.

ANNEX 5.1.5-b.
PROCEDURE FOR THE DELIVERY OF THE COMPUTATION SYSTEM FOR THE ESTIMATION OF RISK PREMIUMS AND PROBABLE MAXIMUM LOSS OF EARTHQUAKE INSURANCE

The delivery of the computation system, which will be identified as "System", with which the calculation of the risk premium and Probable Maximum Loss (PML) of earthquake insurance must be carried out, for the purposes of valuing the risk in force reserve, catastrophic risk reserve, and the solvency capital requirement of the aforementioned types of insurance, will be carried out in accordance with the following instructions:

I to IV ...

V. The version of the system to be used to value the risk premium and the Probable Maximum Loss (PML) of earthquake insurance is version 2.0. Any change to this version will be announced through general administrative provisions by this Commission.

ANNEX 5.1.6-b.
PROCEDURE FOR THE DELIVERY OF THE COMPUTATION SYSTEM FOR THE ESTIMATION OF RISK PREMIUMS AND PROBABLE MAXIMUM LOSS OF HURRICANE AND OTHER HYDROMETEOROLOGICAL RISKS INSURANCE

The delivery of the computation system, which will be identified as "RH- System", with which the calculation of the risk premium and Probable Maximum Loss (PML) of hurricane and/or other hydrometeorological risk insurance must be carried out, for the purposes of valuing the risk in force reserve, catastrophic risk reserve, and the solvency capital requirement of the aforementioned types of insurance, will be carried out in accordance with the following instructions:

I to IV ...

V. The version of the system to be used to value the risk premium and the Probable Maximum Loss (PML) of hurricane and/or other hydrometeorological risk insurance is version 2.0. Any change to this version will be announced through general administrative provisions by this Commission.

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