Modifying Circular 9/20 of the Single Circular on Insurance and Sureties

DOF: 23/10/2020

Modifying Circular 9/20 of the Single Circular on Insurance and Sureties

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

MODIFYING CIRCULAR 9/20 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Annex 6.4.11.)

The National Commission of Insurance and Sureties, 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 Equity 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 the provisions established in Article 237 of the cited Law; this without prejudice to said institutions maintaining sufficient assets and investments for the coverage of 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 insured issuance.

That in view of the foregoing, it is necessary to make known to the Institutions authorized to operate financial guarantee insurance, 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 insured issuance, relative to the second quarter of 2020.

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

MODIFYING CIRCULAR 9/20 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 Journal of the Federation.

This is made known to you, 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.

Respectfully,

Mexico City, October 16, 2020.- The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Rubric.

ANNEX 6.4.11.

FBA AND FA FACTORS FOR THE CALCULATION OF THE FACTORS APPLICABLE TO THE CALCULATION OF

I. In the case of Government Bonds:

FBA
18.3333

II. In 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) 18.3333

FA
AA (Standard & Poor's); Aa (Moody's); AA (Fitch) 19.5778

FA
A (Standard & Poor's); A (Moody's); A (Fitch)
20.0278

FA
BBB (Standard & Poor's); Baa2 (Moody's); BBB (Fitch) 28.6278

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