Regulatory Alerts2024-05-30 | DOF 5729035Added
Resolution modifying the General Provisions applicable to the activities of Savings and Loan Cooperative Societies
The National Banking and Securities Commission amends Articles 33, 73, 118, and 174 of the General Provisions to require that appraisals for restructured or troubled credits be prepared by units authorized by the Federal Mortgage Society. The resolution also replaces Annexes C and C Bis 1 to establish detailed procedures for classifying credit portfolios and calculating preventive estimates based on delinquency days and portfolio type. These changes apply to Savings and Loan Cooperative Societies and take effect the day following publication in the Official Gazette.
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DOF: 30/05/2024
RESOLUTION modifying the General Provisions applicable to the activities of Savings and Loan Cooperative Societies
At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of
Treasury and Public Credit.- National Banking and Securities Commission.
The
National Banking and Securities Commission,
after agreement
of its
Board of Directors,
based on
the provisions
of articles
31,
first paragraph,
sections IV,
VI and
VII and
second paragraph;
32;
and 70, third paragraph
of the Law to Regulate the Activities of
Savings and Loan Cooperative Societies;
98 Bis of the
Credit Institutions Law,
as well as
4, sections
II, IV, V, XXXVI and XXXVIII and
16, sections
I and
VI of the Law of the
National Banking and Securities Commission, and
CONSIDERING
That,
with the purpose of providing savings and loan cooperative societies with a
regulatory framework consistent with their
operations, it is necessary to make clarifications to the
norm in order to establish that
with respect only to those
restructured credits or
considered as troubled
carrying assets, appraisals of
real estate assets and even
those for residential use must be conducted
at least every three years or updated when
market conditions are unstable at the discretion of the
National Banking and Securities Commission;
likewise that said
appraisals may also be prepared by
valuation units authorized by
Federal Mortgage Society, S.N.C.,
in terms of what is provided in the
Transparency and Competition Promotion Law in
Guaranteed Credit, which will allow
societies to have greater certainty in
compliance with their obligations when
integrating the credit files of their
clients and with the objective of contributing to their
healthy and balanced development, therefore it has resolved to issue the
following:
RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES
SINGLE.-
ARTICLES 33, section II, second paragraph, subsection b), numeral 9, sub-subsection i), sub-numeral 1), second paragraph;
73, section VI, fifth paragraph, subsection d), numeral 1, sub-subsection i), second paragraph;
118, section VI, sixth paragraph, subsection d), numeral 1, sub-subsection i), second paragraph;
174, section VI, seventh paragraph, subsection d), numeral 1, sub-subsection i), second paragraph;
are REFORMED; and
ANNEXES C and C Bis 1 of the General Provisions applicable to the activities of Savings and Loan Cooperative Societies, published in the Official Gazette of the Federation on June 4, 2012 and its modifications, are REPLACED, to read as follows:
" Article
33.-
. . .
I.
. . .
II.
. . .
. . .
a)
. . .
b)
. . .
a 8 .
. .
.
. . .
i)
. . .
. . .
Societies, in their credit manuals, must provide that
appraisals are prepared in terms of what is provided in the
Transparency and Competition Promotion Law in
Guaranteed Credit and in accordance with what is established in
Annex C Bis 1, Section VI of these provisions.
- and 3) . . .
ii) and iii) . . .
to 12.
. . .
c) and d) . . .
. . .
. . .
. . .
. . . "
" Article
73.-
. . .
I.
to V.
. . .
VI.
. . .
. . .
. . .
. . .
. . .
a)
to c) . . .
d)
. . .
. . .
i)
. . .
Societies, in their credit manuals, must provide that
appraisals are prepared in terms of what is provided in the
Transparency and Competition Promotion Law in
Guaranteed Credit and in accordance with what is established in
Annex C Bis 1, Section VI of these provisions.
ii) and iii) . . .
and 3 .
. .
.
e)
to g) . . .
. . .
. . .
. . . "
" Article
118.-
. . .
I.
to V.
. . .
VI.
. . .
. . .
. . .
. . .
. . .
. . .
a)
to c) . . .
d)
. . .
. . .
i)
. . .
Societies, in their credit manuals, must provide that
appraisals are prepared in terms of what is provided in the
Transparency and Competition Promotion Law in
Guaranteed Credit and in accordance with what is established in
Annex C Bis 1, Section VI of these provisions.
ii) and iii) . . .
and 3 .
. .
.
e)
to g) . . .
. . .
. . .
. . . "
" Article
174.-
. . .
I.
to V.
. . .
VI.
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
a)
to c) . . .
d)
. . .
. . .
i)
. . .
Societies, in their credit manuals, must provide that
appraisals are prepared in terms of what is provided in the
Transparency and Competition Promotion Law in
Guaranteed Credit and in accordance with what is established in
Annex C Bis 1, Section VI of these provisions.
ii) and iii) . . .
and 3 .
. .
.
e)
to g) . . .
. . .
. . .
. . . "
TRANSITORY
SINGLE.-
This Resolution will enter into force on the day following its publication in the Official Gazette of the Federation.
Respectfully,
Mexico City, May 21, 2024.- President of the National Banking and Securities Commission, Dr.
Jesús de la Fuente Rodríguez .- Signature.
ANNEX
C
PROCEDURE FOR THE QUALIFICATION AND CONSTITUTION OF PREVENTIVE ESTIMATES
I. Consumer credit portfolio
Societies must qualify and constitute the corresponding preventive estimates for their
consumer credit portfolio, with figures as of the last day of each
calendar month, following the procedure below:
a) They must classify the entirety of their consumer credit portfolio,
based on the number of days of delay or delinquency elapsed since the day of the first amortization of the credit,
which has not been covered by the borrower as of the date of qualification.
b) Likewise, they must classify their credit portfolio into
Type 1 and Type 2 as follows:
-
Type 1 Portfolio, that credit portfolio with respect to which it is not estimated that the debtor will default on its credit obligations to the Society, and is not within the circumstances of being considered as "troubled portfolio".
-
Type 2 Portfolio, that credit portfolio whose credits it is probable that the debtor will default on its credit obligations to the Society, updating such circumstance when it determines that any of the credits under the debtor constitutes a "troubled portfolio".
Once a credit has been classified as Type 2 Portfolio, it will remain in that classification until its liquidation.
For the purposes of the aforementioned numerales 1 and 2, "troubled portfolio" shall be understood as that composed of consumer credits with respect to which it is determined that, based on current information and facts, as well as in the credit review process, there is a considerable probability that they will not be recovered in their entirety, both their principal amount and interest, in accordance with what is established in the contract.
Likewise, it will be "troubled portfolio" that which, having undergone restructuring or renewal, becomes past-due portfolio in accordance with what is established in the Accounting Criteria.
Both the current portfolio and the past-due portfolio are susceptible to being identified as troubled portfolio.
c) For each stratum and type of portfolio, they must maintain and constitute the preventive estimates resulting from applying to the total amount of their consumer credit portfolio the percentage of estimates corresponding in accordance with the following table:
| Days of delinquency | Percentage (%) of preventive estimates Type 1 Portfolio | Percentage (%) of preventive estimates Type 2 Portfolio |
|---|---|---|
| 0 | 1 | 10 |
| 1 to 7 | 2 | 13 |
| 8 to 30 | 10 | 20 |
| 31 to 60 | 20 | 35 |
| 61 to 90 | 40 | 55 |
| 91 to 120 | 70 | 80 |
| 121 to 180 | 85 | 95 |
| 181 or more | 100 | 100 |
The amount subject to qualification shall not include accrued but uncollected interest, registered in the balance sheet, of credits that are in past-due portfolio.
II. Commercial credit portfolio
Societies must qualify and constitute the corresponding preventive estimates for their
commercial credit portfolio, with figures as of the last day of each
calendar month, following the procedure below:
a) They must classify the entirety of their commercial credit portfolio,
based on the number of days of delay or delinquency elapsed since the day of the first amortization of the credit
that has not been covered by the borrower as of the date of qualification.
b) They must classify their credit portfolio into
Type 1 and Type 2 as follows:
-
Type 1 Portfolio, that with respect to which it is not estimated that the debtor will default on its credit obligations to the Society, and is not within the circumstances of being considered as "troubled portfolio".
-
Type 2 Portfolio, that integrated by credits with respect to which it is probable that the debtor will default on its credit obligations to the Society, updating such circumstance when it determines that any of the credits under the debtor constitutes a "troubled portfolio".
Once a credit has been classified as Type 2 Portfolio, it will remain in that classification until its liquidation.
For the purposes of the aforementioned numerales 1 and 2, "troubled portfolio" shall be understood as that constituted by commercial credits with respect to which it is determined that, based on current information and facts, as well as in the credit review process, there is a considerable probability that they will not be recovered in their entirety, both their principal amount and interest, in accordance with what is established in the contract.
Likewise, it will be "troubled portfolio" that which, having undergone restructuring or renewal, becomes past-due portfolio in accordance with what is established in the Accounting Criteria.
Both the current portfolio and the past-due portfolio are susceptible to being identified as troubled portfolio.
c) For each stratum and type of portfolio, they must maintain and constitute the preventive estimates resulting from applying to the total amount of their commercial credit portfolio the percentage of estimates corresponding in accordance with the following table:
| Days of delinquency | Percentage (%) of preventive estimates Type 1 Portfolio | Percentage (%) of preventive estimates Type 2 Portfolio |
|---|---|---|
| 0 | 0.50 | 10 |
| 1 to 30 | 2.5 | 10 |
| 31 to 60 | 15 | 30 |
| 61 to 90 | 30 | 40 |
| 91 to 120 | 40 | 50 |
| 121 to 150 | 60 | 70 |
| 151 to 180 | 75 | 95 |
| 181 to 210 | 85 | 100 |
| 211 to 240 | 95 | 100 |
| More than 240 | 100 | 100 |
The amount subject to qualification shall not include accrued but uncollected interest, registered in the balance sheet, of credits that are in past-due portfolio.
III. Productive Microcredits
Societies must qualify and constitute the corresponding preventive estimates for their
Productive Microcredits, following the procedure below:
a) They must classify the entirety of their Productive Microcredits,
based on the number of billing periods that as of the date of qualification report default or delinquency of the required payment established by the Society.
b) For each stratum, they must maintain and constitute the preventive estimates resulting from applying to the total amount of their Productive Microcredits the percentage of estimates corresponding in accordance with the following tables, depending on whether the billing periods with default are weekly, biweekly or monthly.
| Weeks of Delinquency | Percentage (%) of preventive estimates |
|---|---|
| 0 | 0.5 |
| 1 | 1 |
| 2 | 3 |
| 3 | 4 |
| 4 | 5 |
| 5 | 10 |
| 6 | 15 |
| 7 | 20 |
| 8 | 25 |
| 9 | 30 |
| 10 | 35 |
| 11 | 40 |
| 12 | 45 |
| 13 | 50 |
| 14 | 60 |
| 15 | 70 |
| 16 | 80 |
| 17 | 85 |
| 18 | 90 |
| 19 | 95 |
| 20 or more | 100 |
| Biweeks of Delinquency | Percentage (%) of preventive estimates |
|---|---|
| 0 | 0.50 |
| 1 | 3 |
| 2 | 5 |
| 3 | 15 |
| 4 | 25 |
| 5 | 35 |
| 6 | 45 |
| 7 | 60 |
| 8 | 80 |
| 9 | 90 |
| 10 or more | 100 |
| Months of Delinquency | Percentage (%) of preventive estimates |
|---|---|
| 0 | 0.50 |
| 1 | 5 |
| 2 | 25 |
| 3 | 45 |
| 4 | 80 |
| 5 or more | 100 |
IV. Housing credit portfolio
Societies must qualify and constitute the corresponding preventive estimates for their
housing credit portfolio, with figures as of the last day of each
calendar month, following the procedure below:
a) They must classify the entirety of their housing credit portfolio,
based on the number of days of delay or delinquency elapsed since the day of the first amortization of the credit,
which has not been covered by the borrower as of the date of qualification.
b) They must classify their credit portfolio into
Type 1 and Type 2 as follows:
-
Type 1 Portfolio, that with respect to which it is not estimated that the debtor will default on its credit obligations to the Society, and is not within the circumstances of being considered as "troubled portfolio".
-
Type 2 Portfolio, that integrated by credits with respect to which it is probable that the debtor will default on its credit obligations to the Society, updating such circumstance when it determines that any of the credits under the debtor constitutes "troubled portfolio".
Once a credit has been classified as Type 2 Portfolio, it will remain in that classification until its liquidation.
For the purposes of the aforementioned numerales 1 and 2, "troubled portfolio" shall be understood as that constituted by housing credits with respect to which it is determined that, based on current information and facts, as well as in the credit review process, there is a considerable probability that they will not be recovered in their entirety, both their principal amount and interest, in accordance with what is established in the contract.
Likewise, it will be "troubled portfolio" that which, having undergone restructuring or renewal, becomes past-due portfolio in accordance with what is established in the Accounting Criteria.
Both the current portfolio and the past-due portfolio are susceptible to being identified as troubled portfolio.
c) For each stratum and type of portfolio, they must maintain and constitute the preventive estimates resulting from applying to the total amount of their housing credit portfolio, including the interest generated by the provisioning percentages indicated below:
| Days of delinquency | Percentage (%) of preventive estimates Type 1 Portfolio | Percentage (%) of preventive estimates Type 2 Portfolio |
|---|---|---|
| 0 | 0.35 | 2 |
| 1 to 30 | 1.05 | 5 |
| 31 to 60 | 2.45 | 10 |
| 61 to 90 | 8.75 | 20 |
| 91 to 120 | 17.50 | 30 |
| 121 to 150 | 33.25 | 45 |
| 151 to 180 | 34.30 | 60 |
| 181 to 1460 | 70 | 80 |
| More than 1460 | 100 | 100 |
The amount subject to qualification shall not include accrued but uncollected interest, registered in the balance sheet, of credits that are in past-due portfolio.
Societies may only constitute the preventive estimates referred to in this Section IV, for the part of the amount of their credits that is covered, with duly registered mortgage guarantees in their name, being applicable to them the percentage corresponding in accordance with the previous table, while to the uncovered part a percentage of 100% will correspond, without the recognition of real estate guarantees being applicable, provided for in Section V of this Annex.
In those credits intended for the remodeling or improvement of housing that do not have a duly registered mortgage guarantee in the name of the Society, to qualify and constitute the corresponding preventive estimates, they must apply the table referred to in Section I of this Annex, as applicable.
V. Adjustments to preventive estimates and recognition of guarantees
Societies may only recognize reductions in the days of delinquency of credits that have been the subject of restructuring or renewal, once there is sustained payment in accordance with what is established in the Accounting Criteria.
When making such reductions, they will adhere to the policies that the Society itself has approved for such purpose.
When Societies have guarantees that comply with what is provided in Annex C Bis 1, Section I of these provisions, they may reduce the percentage of preventive estimates of the credit or credits in question, taking the necessary measures so that the guarantee can be adjudicated and executed at the moment that defaults occur on the part of the borrower, placing them in past-due portfolio, in accordance with what is established in the Accounting Criteria.
The uncovered part will maintain the percentage of preventive estimates corresponding to it.
Societies may only recognize reductions in the days of delinquency derived from the application of personal and non-financial real guarantees of credits that have been the subject of restructuring or renewal when there is sustained payment, and must take the necessary measures so that the guarantee can be adjudicated and executed at the moment that defaults occur on the part of the borrower, placing them in past-due portfolio, in accordance with what is established in the Accounting Criteria.
In the event that the management for the adjudication and execution of the guarantee does not begin at the moment the credit is classified as past-due portfolio, Societies must cease to recognize the coverage provided by said guarantee and assign the preventive estimates corresponding to the days of delinquency registered.
Guarantees constituted in terms of the previous paragraph may cover the total or a certain percentage of the outstanding balance of one or more credits when the deposit contracts or modifications to them provide that there is no possibility of making withdrawals or disposing of the aforementioned guarantees during the validity of the credits, and that these can be covered by charge to such deposits or values.
Societies, when qualifying credits that have 2 or more guarantees, may recognize the coverage of said guarantees considering the following:
a) They will determine the part of the balance that is covered by 2 or more guarantees, whether they are means of payment with immediate liquidity, non-financial guarantees, or Step-by-Step Coverage Scheme or First Loss Coverage Scheme, as well as the exposed or uncovered portion in the terms described.
b) The covered part of the credit balance may be divided into 2 or more segments, based on the type of guarantees that have been granted, when they adjust to the following:
-
If there are 2 or more Step-by-Step Coverage Schemes or First Loss Coverage Schemes, each guarantor must respond for the guaranteed part of the credit balance, provided that there are no exceptions or defenses of priority order in collection among the guaritons themselves.
-
If there are 2 or more guarantees constituted with means of payment with immediate liquidity or non-financial guarantees, each one must cover the guaranteed part of the credit balance, provided that it has been expressly and irrevocably agreed in the contracts giving rise to the guarantee the part of the credit that will be guaranteed with each encumbered asset.
-
In the case of combinations of the Step-by-Step Coverage Scheme or the First Loss Coverage Scheme and means of payment with immediate liquidity or non-financial guarantees, each of them may be considered, provided that they are executable at the time of qualification and comply with the requirements established in subsections a) and b) of this Section.
Upon receiving guarantees whose validity is subject to the fulfillment of terms and conditions by the Society, the creditor of the guarantee, and the latter fails to comply with said terms and conditions, the guarantee shall not be considered for the purposes of what is established in this Section.
Societies, in no case, may simultaneously take the Step-by-Step Coverage Scheme or the First Loss Coverage Scheme and means of payment with immediate liquidity or non-financial guarantees from the same guarantor.
Societies may opt not to recognize the guarantees, if doing so results in higher preventive estimates.
The credit balance for the purposes of portfolio qualification shall not consider accrued but uncollected interest of credits that are in past-due portfolio, as these will be reserved separately applying a 100% estimate.
With respect to guarantees constituted with the means of
payment
with
immediate liquidity
provided for in
the
Annex
C
Bis
1,
Section
I,
subsections
a),
b),
c)
and
d)
of
these
provisions,
against
which
it
may
be
ensured
the
application
of
such
resources
to
the
totality
of
the
outstanding
balance
or
to
a
determined
percentage
of
the
outstanding
balance
of
the
loan,
the
Societies
may
exempt
the
portion
of
the
loan
covered
by
such
guarantees
from
the
constitution
of
preventive
provisions.
Regarding
guarantees
constituted
with
the
means
of
payment
with
immediate
liquidity
provided
for
in
Annex
C
Bis
1,
Section
I,
subsections
e)
and
f)
of
these
provisions,
against
which
it
may
be
ensured
the
application
of
such
resources
to
the
totality
of
the
outstanding
balance
or
to
a
determined
percentage
of
the
outstanding
balance
of
the
loan,
the
Societies
shall
constitute
the
provisions
corresponding
to
the
covered
portion
at
a
percentage
of
0.5
%.
In
the
case
where
the
Societies
are
beneficiaries
under
the
First
Loss
Coverage
Scheme
for
a
loan
or
for
a
portfolio
of
identified
loans
with
similar
characteristics,
they
must
apply
the
following
procedure:
a)
Ensure
that
the
loans
comprising
the
portfolio
covered
by
the
received
guarantee
are
clearly
identified
and
have
similar
characteristics.
b)
Calculate
the
provision
requirement
for
the
loan,
or
for
each
of
the
loans
in
the
covered
portfolio
according
to
the
methodologies
described
in
Sections
I
to
IV
of
this
Annex,
as
applicable,
and
in
the
case
of
loan
portfolios,
sum
the
results
of
each
of
the
loans
to
determine
the
total
provision
requirement
for
said
portfolios.
c)
The
total
provisions
calculated
according
to
the
preceding
subsection
b)
must
be
compared
with
the
value
of
the
corresponding
First
Loss
Coverage
Schemes,
in
order
to
comply
with
the
following:
If
the
value
of
the
First
Loss
Coverage
Schemes
is
greater
than
or
equal
to
the
total
provision
requirement
for
the
loan
or
for
the
loan
portfolio
before
the
recognition
of
the
own
guarantees,
the
Society
will
only
constitute
the
provisions
resulting
from
multiplying
the
provision
percentage
corresponding
to
the
Protection
Provider,
in
accordance
with
this
Annex,
by
the
amount
of
the
provisions
required
for
the
loan
or
loan
portfolio.
If
the
value
of
the
First
Loss
Coverage
Scheme
is
less
than
the
total
provision
requirement
for
the
loan
or
for
the
loan
portfolio
before
the
recognition
of
the
own
guarantees,
the
Society
must
constitute
provisions
for
the
uncovered
portion
up
to
the
amount
necessary
to
reach
the
totality
of
the
required
provisions,
while
for
the
covered
portion,
it
must
constitute
the
provisions
resulting
from
multiplying
the
provision
percentage
corresponding
to
the
Protection
Provider,
in
accordance
with
this
Annex,
by
the
amount
of
the
guarantee.
For
the
Societies
to
recognize
the
guarantees
and
assign
the
corresponding
reserve
to
the
covered
tranches
of
the
loan
or
portfolio,
there
must
be
evidence
of
compliance
with
the
terms
and
conditions
established
by
the
guarantors
regarding
the
information
they
require,
as
well
as
compliance
with
the
processes
established
in
the
corresponding
contracts.
Regarding
the
Step-by-Step
Coverage
Scheme,
the
Society
must
separate
the
covered
portion
of
the
loan
or
covered
portfolio
from
the
uncovered
portion,
assigning
to
the
former
the
provision
percentage
corresponding
to
the
Protection
Provider
and
to
the
latter
the
provision
percentage
corresponding
to
the
original
borrower,
in
accordance
with
this
Annex.
In
both
the
case
of
First
Loss
Coverage
Schemes
and
the
Step-by-Step
Coverage
Scheme
or
proportional
schemes,
only
the
following
groups
of
admissible
Protection
Providers
will
be
recognized
for
portfolio
classification
purposes:
Group
1:
a)
Development
bank
institutions.
b)
National
Financial
Institution
for
Agropecuary,
Rural,
Forestry
and
Fishery
Development,
or
the
one
that
replaces
it.
c)
Public
trusts
that
are
part
of
the
Mexican
financial
system
in
accordance
with
Article
3rd
of
the
Credit
Institutions
Law.
d)
Trusts
concluded
specifically
for
the
purpose
of
sharing
credit
risk,
in
which
development
bank
institutions
with
express
guarantee
from
the
Federal
Government
act
as
settlor
and
trustee.
e)
National
Guarantee
Fund
for
the
Agropecuary,
Forestry,
Fishery
and
Rural
Sectors,
or
the
one
that
replaces
it.
f)
National
Infrastructure
Fund,
or
the
one
that
replaces
it.
g)
Entities
of
the
Federal
Public
Administration
under
direct
budgetary
control,
state-owned
productive
enterprises,
or
programs
derived
from
a
federal
law
that
are
part
of
the
Federal
Expenditure
Budget.
h)
Funds
constituted
with
resources
contributed
as
guarantee
by
state
or
municipal
governments
that
are
liquid
and
irrevocable
in
favor
of
the
Society.
Group
2:
a)
National
multiple
bank
institutions
that
have
a
rating
of
at
least
investment
grade
on
the
national
scale.
b)
Other
entities
members
of
the
Mexican
financial
system,
including
insurance
companies,
that
have
at
least
investment
grade
on
the
national
scale.
c)
Other
legal
persons
or
international
financial
entities
that
have
at
least
investment
grade
on
the
international
scale.
Group
3:
a)
Other
members
of
the
same
Society.
When
Protection
Providers
listed
in
Group
1
are
available,
the
provision
percentage
that
will
correspond
to
the
covered
portion
will
be
0.5
%.
Regarding
Protection
Providers
listed
in
Group
2,
a
provision
percentage
of
1
%
will
be
assigned
to
the
covered
portion.
In
the
case
of
guarantees
given
by
the
persons
referred
to
in
Group
3,
the
provision
percentage
corresponding
to
the
maximum
days
of
default
that
said
member
has
recorded
in
other
credit
operations
with
the
Society,
distinct
from
the
one
being
guaranteed,
applied
to
the
provision
table
of
the
covered
operation,
will
be
assigned
to
the
covered
portion.
In
the
event
that
the
uncovered
portion
is
assigned
a
provision
percentage
lower
than
that
assigned
to
the
covered
portion,
as
indicated
in
the
preceding
paragraph,
the
Societies
may
use
the
former
for
the
entire
operation.
In
the
case
of
loans
destined
to
finance
the
primary
activity
of
the
agropecuary
sector
that
have
an
agricultural
and
animal
damage
insurance,
which
complies
with
the
characteristics
referred
to
in
Annex
C
Bis
1,
Section
X
of
these
provisions,
the
Societies
may
multiply
the
provisions
corresponding
to
the
direct
borrower
by
a
factor
of
95
%,
as
long
as
no
insurance
claim
is
filed.
For
the
purposes
of
the
preceding
paragraph,
"loans
to
the
agropecuary
and
rural
sector"
shall
be
understood
as
those
directed
to
the
primary
production
of
the
agricultural,
livestock,
forestry
and
fishery
sectors,
as
well
as
to
the
industrial,
commerce
and
services
sectors
when
these
are
integrated
to
the
primary
activity
of
the
initially
mentioned
sectors,
whose
branches
and
sub-branches
of
economic
activity
correspond
to
those
indicated
as
sector
11
of
the
North
American
Industrial
Classification
System
2018
(NAICS)
of
the
National
Institute
of
Statistics
and
Geography
(INEGI),
or
the
one
that
replaces
it.
In
the
case
where
a
claim
is
filed
with
the
insurance
granting
entity
by
the
lending
Society
and
said
entity
accepts
it
without
the
covered
amount
having
been
executed
or
paid
and,
therefore,
the
loan
has
not
been
derecognized
from
the
balance
sheet
of
the
Societies,
these
may
calculate
the
provisions
by
multiplying
the
balance
of
the
covered
loan
by
0.5
%
when
the
aforementioned
insurance
granting
entity
has
a
rating
assigned
by
a
rating
agency
of
less
than
investment
grade
on
the
national
scale.
Societies
that
have
non-financial
real
guarantees
covering
at
least
50
%
of
the
outstanding
balance
of
the
loan
on
the
date
of
calculation
of
preventive
provisions,
may
recognize
such
guarantees
for
the
purposes
of
provisioning
their
credit
portfolio
up
to
the
amount
resulting
from
multiplying
the
recognition
percentage
provided
in
the
following
table
by
their
last
appraisal
value,
updated
for
depreciation
in
the
case
of
movable
property:
Type
of
non-financial
guarantee
or
assimilable
instrument
Percentage
(%)
of
recognition
Commercial
and
residential
real
estate
75
Movable
property
and
others
50
To
determine
the
corresponding
provisions
for
the
covered
portion
of
each
loan
or
portfolio
covered
with
non-financial
guarantees
and
assimilable
instruments,
a
provisioning
percentage
of
0.5
%
will
be
assigned.
ANNEX
C
BIS
1
REQUIREMENTS
THAT
GUARANTEES
MUST
COMPLY
WITH
TO
BE
RECOGNIZED
FOR
THE
PURPOSES
OF
DETERMINING
THE
CAPITAL
REQUIREMENT
FOR
CREDIT
RISK
AND
PREVENTIVE
PROVISIONS
FOR
CREDIT
RISKS
When
the
Societies
have
guarantees
constituted
with
means
of
payment
with
immediate
liquidity,
with
Step-by-Step
Coverage
Schemes,
First
Loss
Coverage
Schemes,
or
with
non-financial
guarantees
or
assimilable
instruments
that
comply
with
what
is
provided
in
this
Annex,
they
may
reduce
the
percentage
of
preventive
provisions
of
the
loan
or
loans
in
question,
in
accordance
with
what
is
established
in
Annex
C,
Section
V
of
these
provisions.
The
eligible
guarantees
constituted
for
such
purposes
are
those
indicated
below:
I.
Guarantees
constituted
with
means
of
payment
with
immediate
liquidity,
regarding
which
the
Societies
must
observe
the
following:
It
shall
be
understood
that
a
guarantee
is
constituted
with
means
of
payment
with
immediate
liquidity
when
it
concerns:
a)
Cash
or
cash
deposits
constituted
by
the
borrower
or
by
any
other
member
or
a
third
party
in
favor
of
the
own
Society,
as
well
as
means
of
payment
with
maturity
greater
than
or
equal
to
the
term
of
the
loan
granted
to
the
member
in
favor
of
the
Society
in
question,
taking
the
necessary
measures
so
that
the
guarantee
can
be
adjudicated
and
executed
at
the
moment
that
defaults
by
the
borrower
occur
that
place
it
in
delinquent
portfolio,
in
accordance
with
what
is
established
in
the
Accounting
Criteria
when
the
debtor
or
a
third
party
constitutes
a
deposit
in
the
own
Society
and
grants
it
an
irrevocable
mandate
to
apply
the
respective
resources
to
the
payment
of
the
loans,
or
when
it
concerns
negotiable
credit
instruments
of
immediate
realization
and
wide
circulation
and,
in
the
event
of
default,
are
available
without
any
legal
restriction
for
the
Society
and
from
which
the
debtor
or
any
other
person
distinct
from
the
own
society
cannot
dispose
while
the
obligation
subsists.
b)
Values
issued
by
the
Bank
of
Mexico.
c)
Values
issued
or
guaranteed
by
the
Federal
Government.
d)
Values,
instruments,
and
documents
issued
by
the
Institute
for
the
Protection
of
Bank
Savings,
as
well
as
the
obligations
guaranteed
by
said
institute.
e)
Bank
instruments
that
have
a
credit
rating
issued
by
a
securities
rating
institution,
equal
to
or
better
than
risk
grade
A
on
the
national
scale
granted,
at
least,
by
one
rating
agency.
f)
Investments
in
shares
representing
the
share
capital
of
daily
liquidity
investment
funds.
For
the
purposes
of
this
subsection,
the
aforementioned
investments
shall
be
understood
in
terms
of
Articles
10,
fraction
I,
subsection
k)
and
13,
fraction
II,
subsection
c)
of
these
provisions.
II.
Non-financial
guarantees
and
assimilable
instruments,
regarding
which
the
following
must
be
considered:
The
Societies,
in
order
to
use
non-financial
guarantees
and
assimilable
instruments
for
the
purposes
of
provisioning
their
credit
portfolio,
must
have
available
to
the
Commission
evidence
that
accredits
what
is
indicated
below:
a)
The
signing
of
contracts
or
other
instruments
in
which
the
constitution
of
the
guarantees
is
documented,
in
which
the
causes
of
default
that
generate
the
Society's
right
to
execute
such
guarantees
are
stated.
b)
In
the
case
of
the
movable
guarantees
provided
for
in
Article
32
bis
1
of
the
Commercial
Code,
the
consultation
or
certification
obtained
from
the
Unique
Register
of
Movable
Guarantees,
and
in
the
case
of
deposit
certificates
and
pledge
bonds,
the
consultation
or
certification
obtained
from
the
Unique
Register
of
Certificates,
Warehouses
and
Goods
denominated
by
its
acronym
"RUCAM",
as
referred
to
in
Article
22
Bis
6
of
the
General
Law
of
Organizations
and
Auxiliary
Credit
Activities.
In
the
case
of
pledge
bonds
traded
for
the
first
time
separately
from
the
deposit
certificate,
the
Societies
must
have
evidence
that
they
complied
with
what
is
provided
in
Article
236
of
the
General
Law
of
Instruments
and
Credit
Operations.
In
the
case
where
the
Societies
take
deposit
certificates
as
guarantee,
they
must
notify
the
general
warehouses
of
deposit
of
such
situation
and
have
evidence
of
it.
c)
The
adoption
of
the
necessary
measures
that
ensure
the
conservation
of
the
goods
that
are
the
object
of
the
guarantees,
which
includes
their
registration
in
the
Public
Property
Register
that
corresponds;
in
the
case
of
the
movable
guarantees
provided
for
in
Article
32
bis
1
of
the
Commercial
Code,
the
registration
in
the
Unique
Register
of
Movable
Guarantees,
and
in
the
case
of
participations
in
federal
revenues,
federal
contributions,
and
other
own
revenues
of
the
states
and
municipalities,
in
the
register
of
borrowings
and
obligations
of
the
corresponding
federative
entity
and
in
the
Unique
Register
referred
to
in
the
Law
on
Financial
Discipline
of
the
Federative
Entities
and
the
Municipalities,
or
the
one
that
replaces
it,
as
well
as
those
necessary
to
exercise
the
right
to
a
compensation
based
on
the
transfer
of
ownership
of
the
non-financial
guarantees.
The
Societies
that
take
deposit
certificates
and
pledge
bonds
must
exercise
the
right
consignated
in
the
second
paragraph
of
Article
22
Bis
6
of
the
General
Law
of
Organizations
and
Auxiliary
Credit
Activities
and
have
the
certification
of
the
electronic
file
of
the
deposit
certificate
obtained
in
the
RUCAM
in
which
it
is
indicated
that
the
corresponding
annotations
of
the
taking
of
the
referenced
certificates
and
pledge
bonds
were
made.
d)
The
existence
of
risk
management
processes
that,
in
addition
to
what
is
provided
by
TITLE
THIRD,
Chapter
II
of
these
provisions,
explicitly
consider
the
legal,
operational,
liquidity,
and
market
risks
that
derive
from
the
use
of
non-financial
guarantees.
Said
processes
must
comply
with
the
requirements
indicated
in
Section
VI
of
this
Annex.
e)
The
incorporation
into
credit
policies
and
manuals
derived
from
them,
of
guidelines
and
procedures
for
the
administration
of
non-financial
guarantees
in
general,
and
of
elements
for
the
decrease
of
provision
requirements,
specifically.
With
regard
to
this,
the
Societies
must
have
policies
to
ensure
that:
Frequent
valuation
of
non-financial
guarantees
is
carried
out,
in
accordance
with
what
is
indicated
in
Section
VI
of
this
Annex,
including
tests
and
scenario
analyses
under
unusual
or
extreme
market
conditions.
Updated
information
regarding
the
situation,
location,
and
condition
of
the
received
non-financial
guarantees
is
available,
as
well
as
potential
liquidation
problems.
There
is
adequate
risk
diversification
with
respect
to
non-financial
guarantees.
Correct
administration
of
the
guarantees
is
carried
out,
in
order
to
consider
the
differences
in
maturity
dates
and
the
consequent
exposure
periods,
once
the
non-financial
guarantees
expire.
Surveillance
and
attention
to
risks
derived
from
external
factors,
which
could
affect
the
ability
of
non-financial
guarantees
to
address
credit
risk
(for
example,
liquidity
behavior
in
the
market
for
non-financial
guarantees),
is
carried
out.
The
governing
bodies
of
the
Society
and
the
members
are
aware
of
the
policies
related
to
the
management
and
administration
of
risks,
derived
from
the
use
of
non-financial
guarantees
as
coverage
for
credit
risk.
f)
The
establishment
of
methods
and
internal
controls
that
ensure:
That
the
non-financial
guarantees
given
are
not
securities
issued
by
the
same
common
risk
group
to
which
the
borrower
belongs.
The
observance
of
the
conditions
and
terms
established
in
the
contracts,
as
well
as
the
identification
of
any
default
by
the
counterparty
and,
consequently,
the
ability
to
request
the
execution
of
the
non-financial
guarantees.
For
the
purposes
of
the
above,
the
default
event
defined
in
the
contracts
must
consider
situations
in
which
the
debtor
is
in
delinquent
portfolio
status
with
respect
to
the
Society,
or
when
it
determines
that
any
of
the
loans
under
the
debtor
constitutes
a
troubled
portfolio,
has
filed
for
the
commercial
bankruptcy
of
the
debtor,
or
the
latter
has
requested
it.
The
taking
of
necessary
measures
to
ensure
the
separation
of
non-financial
guarantees
from
other
assets
when
the
real
guarantee
is
under
the
custody
of
a
third
party
or
the
own
borrower.
III.
Non-financial
guarantees
and
assimilable
instruments
to
be
admissible
must
correspond
to
one
of
the
following
types:
a)
Commercial
or
residential
real
estate
for
an
amount
that
does
not
exceed
the
current
reasonable
value
to
which
the
property
could
be
sold
through
a
private
contract.
b)
Movable
property
or
other
guarantees
provided
for
in
Article
32
bis
1
of
the
Commercial
Code,
registered
in
the
Unique
Register
of
Movable
Guarantees
referred
to
in
the
Commercial
Code
or
deposited
in
general
warehouses
of
deposit,
including
those
goods
given
in
lease,
regarding
which
there
is
no
purchase
option
at
the
end
of
the
term
of
the
contract.
The
guarantee
must
be
considered
at
an
amount
that
does
not
exceed
the
current
reasonable
value
to
which
the
good
could
be
sold
through
a
private
contract.
The
guarantees
provided
for
in
Article
32
bis
1
of
the
Commercial
Code
may
not
be
previously
registered
in
the
Unique
Register
of
Movable
Guarantees
or
covered
by
deposit
certificates
and
pledge
bonds
issued
by
general
warehouses
of
deposit
and
registered
in
the
RUCAM.
c)
Receivable
and
fiduciary
rights,
understood
as
such
the
securities
whose
liquidation
must
be
carried
out
through
the
flows
derived
from
the
underlying
assets,
regarding
which
the
Society
must
have
ownership
and
disposition
of
the
cash
flows
derived
from
the
receivable
rights,
in
any
foreseeable
circumstance.
Included
within
the
concept
referred
to
in
the
preceding
paragraph
are
self-liquidating
depts
proceeding
from
the
sale
of
goods
or
services
linked
to
commercial
operations,
as
well
as
the
amounts
of
any
nature
due
by
buyers,
suppliers,
the
Federal
Public
Administration
or
State
Administration,
state-owned
productive
enterprises,
as
well
as
other
independent
third
parties
not
related
to
the
sale
of
goods
or
services
linked
to
a
commercial
operation.
Admissible
receivable
and
fiduciary
rights
do
not
include
those
related
to
securitizations
or
sub-participations.
When
the
debtor
makes
payments
directly
to
the
assignor
of
the
receivable
rights,
trust,
or
collection
administrator,
the
Society
must
periodically
prove
that
those
payments
are
forwarded
to
it
within
the
terms
included
in
the
contract.
d)
Participations
in
federal
revenues
or
federal
contributions,
or
both,
that
correspond
to
the
federative
entities
or
municipalities,
which
may
be
given
through:
Guarantee
or
administration
trust,
or
both.
Instructions
irrevocables
or
mandate contracts
for
guarantee,
or
both.
e)
Own revenues
that correspond to
the federative entities
or municipalities,
which may be granted through:
Trust of guarantee or administration,
or both.
Irrevocable instructions or mandate contracts
for guarantee,
or both.
f)
Deposit certificates
and pledge bonds registered in
the RUCAM,
provided that the
Society notifies the
general warehouse of deposit
issuer of said
titles that these were taken by the said
Society as guarantee and
has the certification of the electronic file of the
deposit certificate obtained in
the RUCAM,
in which it is stated that the
corresponding annotations were made of the
taking in guarantee of the
referenced certificates and pledge bonds by
part of the Society.
For the purposes of what is provided by the present
Annex, "other assimilable instruments" shall be understood as
those provided for by the
subsections d) and e) of the previous
Section.
IV.
The guarantees and instruments referred to in
Section III, subsections d) and e) of the previous
Annex, to guarantee their legal certainty,
at a minimum must:
a)
Be duly constituted in favor of the
Society in question.
In the case of
participations in federal revenues,
federal contributions and other own revenues of the federative entities
and municipalities must:
i) Have authorization from the local legislatures, in accordance with what is established in the local debt laws corresponding.
ii) Be registered in the registry of borrowings and obligations of the corresponding federative entity.
iii) Be registered in the Unique Registry referred to in the Law of Financial Discipline of the Federative Entities and the Municipalities, or the one that replaces it.
iv) Have clear mechanisms for channeling resources in favor of the Societies for the payment of financing, such as a valid letter of irrevocable instruction to the Treasury of the Federation or through trusts or other structured products.
v) Have the opinion of an independent specialized legal firm, or that of the legal area of the Society, regarding the validity of the backing of the participations and contributions in federal revenues based on the documents backing the obligations of the federative entity or municipality with the Society.
vi) Have the opinion of an independent specialized legal firm, or that of the legal area of the Society, in the case of credits guaranteed with own revenues, regarding the validity of the backing of said revenues.
In the case of real estate, they must:
i) Be legally enforceable in the jurisdiction and be duly constituted.
ii) Be registered in the Public Registry of Property in question.
iii) Have agreements or clauses that document the guarantees and that allow the Society in question to execute them.
In the case of receivables and fiduciary rights, the documents or legal instruments in which they are recorded must:
i) Ensure the enforceability of their yields.
ii) Be binding on all parties and legally enforceable in the corresponding jurisdiction.
The Societies must monitor compliance with their terms, for which they will have the necessary mechanisms to allow such verification.
iii) Establish certain and clearly defined procedures that allow for the rapid collection of cash flows generated by the receivables.
In any case, the procedures with which the Societies have must guarantee the observance of all pertinent conditions in the legal scope for the declaration of the member's default and the rapid adjudication of the guarantee.
Likewise, the documents or legal instruments in which the guarantees are recorded must provide for the possibility of selling or assigning the receivables to third parties without the prior consent of the debtors in cases where there are financial difficulties or default by the creditor.
b)
Be free of encumbrances with third parties or, in the contrary case, that the Society in question appears first in the order of payment, considering for such effect the appraisal of the guarantee,
c)
Be easy to realize.
V.
In the administration of movable and immovable property, the Societies must clearly document the characteristics that must be met to be accepted as non-financial guarantees and the policies for their administration, as well as ensure that the goods accepted as guarantee are insured in favor of the Society in question in case of damage or defects, and carry out continuous monitoring of the existence and degree of any preferential right over the property.
VI.
In the administration of risks of the guarantees referred to in Section III of the present Annex, the Societies must:
a)
For the case of real estate, including those for habitual use:
Regarding credits that have been restructured and when considered "troubled portfolio" in accordance with what is provided in Annex C of these Provisions, the Societies will carry out an appraisal at least every three years. Likewise, said appraisals will be updated when, in the judgment of the Commission, market conditions are unstable or it considers that the materialization of certain events warrants it. When, as a result of the application of value estimates of the real estate, any is identified whose value has decreased, or when the available information suggests that the value of the real estate may have been significantly reduced compared to general market prices and new appraisals are needed, the appraisal must be updated.
Real estate that are in any of the cases indicated in the previous paragraph will not be considered as credit risk mitigants until the corresponding appraisal is updated, as well as those real estate that are guarantee of credits that are in default.
The appraisals referred to in the previous numeral for credits guaranteed for housing will be carried out through valuation units or by professional appraisers, authorized by Federal Mortgage Society, S.N.C., in accordance with what is established in the Law of Transparency and Promotion of Competition in Guaranteed Credit and will be updated according to the policies of the Savings and Loan Cooperative Society in question.
The appraisals must contain evidence of the existence and current physical state of the real estate, as well as the monitoring of the existence and degree of any preferential right over it.
b)
For the case of receivables:
Have a clear process to determine the credit risk of the receivables. Said process must, among other aspects, include the analysis of the creditor's business and the economic sector in which it operates, considering the effects of the economic cycle, as well as the type of member with whom it negotiates. In the event that they use information provided by the creditor to evaluate the credit risk of the members, the Societies must examine the creditor's credit history to corroborate its solidity and credibility.
Ensure that the margin or the cushion between the amount of the credit and the value of the receivables reflects all timely factors including the cost of adjudication, the degree of concentration of the receivables coming from a single creditor and the concentration risk with respect to the total positions of the Society in question.
Carry out a continuous and adequate monitoring process for each type of risk, whether direct or contingent, attributable to the guarantee used as coverage. This process must include reports on age, control of commercial documents, certificates of the debt base, frequent audits of the guarantee, account confirmation, control of income of credited accounts, dilution analysis and periodic financial analysis of both the creditor and the issuers of the receivables, especially in the case that the guarantee is formed by a small number of high-value receivables. Likewise, they must observe the concentration limits that the Society in question establishes for its guarantees in receivables, as well as the agreements related to the loan in question.
Ensure that the receivables pledged by a creditor are diversified. In the event that such rights depend predominantly on the credit quality of the guarantor, the corresponding risks must be taken into consideration when establishing margins for the set of guarantees. Receivables coming from persons related to the creditor, including subsidiaries and employees, will not be recognized as risk coverage.
Have a documented process for collecting receivables in situations of difficulty, including the necessary services to carry it out, even if the collection work is usually carried out by the creditor.
VII.
Goods granted in financial lease may be recognized receiving the same treatment as admissible non-financial guarantees when the Societies are not subject to the residual value risk, which consists of the exposure of said Societies to a potential loss derived from the fall of the reasonable value of the asset below its estimated residual value at the beginning of the lease.
The Societies must comply with the minimum requirements for the type of admissible real guarantee in question and, in addition, must observe the following criteria:
a)
The lessor must carry out adequate risk management in accordance with the location of the asset, the use given to it, its age and its expected life cycle.
b)
The lessor must have ownership of the asset, as well as the capacity to exercise its rights as owner in a timely manner.
c)
The difference between the depreciation rate of the fixed asset and the amortization rate included in the payments for the lease should not be significant, in order to avoid overestimating the credit risk coverage attributed to the leased assets.
VIII.
Regarding Step-by-Step Coverage Scheme or First-Loss Coverage Scheme, the Societies must attend to the following:
a)
Have policies, procedures and internal controls to carry out the analysis of the coverage that consider, at least, the following:
The periodic evaluation of the credit quality of the entity providing the Step-by-Step Coverage Scheme or the First-Loss Coverage Scheme. For such purposes, it must consider, at a minimum, the monitoring and analysis of the ratings assigned by securities rating institutions.
Regarding the Step-by-Step Coverage Scheme or the First-Loss Coverage Scheme, they must evaluate the way in which such operations were structured and the ease of their execution considering, when applicable, other direct and contingent obligations on the Society or entity providing these.
b)
Have contracts or other instruments in which the constitution of the guarantees is documented in which the assumptions and the procedure to exercise the guarantee are recorded. With respect to this, the contracts, documents or instruments in which the guarantees are recorded must:
Ensure that the Society in question maintains the right to execute the guarantees legally in case of default, insolvency, bankruptcy or any other similar event, and that the contract or instrument in which they are documented does not contain any clause that allows the Protection Provider to unilaterally cancel the coverage or increase the cost of the guarantee in the event of a deterioration of the credit quality of the covered position.
Be irrevocable and unconditional, so that the contracts or instruments in which they are recorded cannot contain any clause that allows the Protection Provider to exempt itself from paying in a timely manner in the event that the original counterparty presents any default.
In any case, the contracts or other documents can only be modified with the agreement of the Society.
Be mandatory for the involved parties and legally enforceable in the corresponding jurisdictions.
Provide that, upon the occurrence of a default or non-payment by the debtor, the Society can immediately initiate actions against the guarantor regarding the pending payment obligations. Likewise, the contracts, documents or instruments in which the guarantees are recorded must stipulate that the guarantor can make a single payment covering the total amount of the pending obligations on the debtor, or can assume the future payment of the obligations on the debtor. In any case, the obligation of the guarantor must be established in the documentation that formalizes the operation.
c)
Comply with the applicable legal requirements in order to obtain and maintain the right to exercise the Step-by-Step Coverage Scheme or the First-Loss Coverage Scheme, as well as carry out the necessary monitoring with the objective of ensuring compliance with said requirements.
d)
Not recognize the Step-by-Step Coverage Scheme or the First-Loss Coverage Scheme that are granted reciprocally between whoever provides any of these risk mitigation techniques and the Society itself.
e)
Reveal in notes to the financial statements the way in which they use the Step-by-Step Coverage Scheme or the First-Loss Coverage Scheme to cover credit risk. Said disclosure of the information must be published in a general and aggregated manner, highlighting the amount covered by the Step-by-Step Coverage Scheme or by the First-Loss Coverage Scheme.
f)
Ensure, at least, the following:
That it is an explicitly documented obligation assumed by the guarantor.
That the obligation cannot be unilaterally cancelled by the guarantor.
That the guarantor will cover any type of payment that the debtor is obligated to make by virtue of the legal instrument regulating the operation.
IX.
The Societies, regarding credit insurance, must, at least, comply with the following:
The insurance provider must be a specialized institution authorized to grant insurance and that has a credit rating equal to or higher than investment grade issued, by at least, one securities rating institution referred to in the Securities Market Law.
The contracts or policies of the coverage schemes must:
i) Consider the conditions of partial or total default of a creditor.
ii) Be legally enforceable in the corresponding jurisdiction. For this purpose, they must allow the beneficiary Society to execute the coverage scheme under the conditions and deadlines agreed, unless the Society in question:
-
Fails to pay the insurance premium or the consideration corresponding to the granting of the guarantee.
-
Modifies, without authorization of the granting entity, the coverage scheme or the agreed conditions of the covered credits.
-
Cancels or transfers the insured credits under conditions different from those agreed, or commits any fraud linked to the guaranteed credit.
iii) Do not include clauses that allow the entity granting the coverage scheme:
-
Cancel or revoke unilaterally, except for what is provided in the subsection ii) of the present subsection.
-
Increase the cost of the coverage scheme in the event of a deterioration of the credit quality of the covered position.
-
Object to or omit payment upon any default by the creditor, except for what is provided in the subsection ii), subsection numeral 2) of the present subsection.
iv) Cover, in addition to the principal, the ordinary interests corresponding by virtue of the credit contract.
X.
In the case of coverage with agricultural insurance, the following must be considered:
Regarding credits destined to finance the primary activity of the agricultural sector, agricultural damage and animal insurance may be recognized as mitigants of credit risk, when they comply with the following requirements:
The contracts or policies include as beneficiary of the insurance directly the granting Society, or there is some legal instrument in which such circumstance is provided.
The insured sum covers, at least, the outstanding balance of the credit and its interests.
The corresponding insurance covers, at least, the following agricultural risks:
i) Frost.
ii) Flood.
iii) Clogging.
iv) Warm wave.
v) Low temperatures.
vi) Lack of floor to harvest.
vii) Hail.
viii) Fire.
ix) Excess humidity (rain).
x) Impossibility to sow.
xi) Drought.
xii) Earthquake.
xiii) Hurricane.
xiv) Cyclone.
xv) Tornado.
xvi) Waterspout.
xvii) Strong winds.
Are granted by specialized entities authorized by the National Commission of Insurance and Sureties that have a credit rating, equal to or higher, to investment grade, issued by, at least, one securities rating institution.
The payment of the premium is up to date in accordance with what is established contractually.
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