Modifying Circular 9/19 of the Single Circular on Insurance and Sureties

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DOF: 24/06/2019

CIRCULAR Modificatoria 9/19 de la Única de Seguros y Fianzas

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

CIRCULAR MODIFICATORIA 9/19 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

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 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 to cover 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 first quarter of 2019.

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

CIRCULAR MODIFICATORIA 9/19 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

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

TRANSITORY

SINGLE.- 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, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, May 31, 2019.- The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

ANNEX 6.4.11.

FBA AND FA FACTORS FOR THE CALCULATION OF THE APPLICABLE G c,i FACTORS FOR THE

CALCULATION OF

RC PMLgf

I. For the case of Government Bonds:

FBA

1.9321

II. For the case of:

a) Asset-backed securities,

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

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

FA

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

1.9321

FA

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

2.0335

FA

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

2.0701

FA

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

2.7706

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