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en vigor complementaria por calidad

English translation: regulation on additional reserve(s) for current sureties applying to foreign reinsurers

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Regla de la Reserva de Fianzas en Vigor Complementaria por Calidad de Reaseguradoras Extranjeras
English translation:regulation on additional reserve(s) for current sureties applying to foreign reinsurers
Entered by: Taña Dalglish

04:43 May 31, 2012
Spanish to English translations [PRO]
Bus/Financial - Insurance / Insurance company (Mexico)
Spanish term or phrase: en vigor complementaria por calidad
Dear colleagues:

I would greatly appreciate your help with the term "en Vigor Complementaria por Calidad".

The complete phrase is "Reserva de Fianzas **en Vigor Complementaria por Calidad** de Reaseguradoras Extranjeras.

Context: US English please:

Operar con reaseguradores no inscritos en el Registro, en contravención a lo dispuesto en el artículo 34 de la Ley Federal de Instituciones de Fianzas, en relación con el cuarto párrafo de la Tercera de las Reglas sobre el Registro General de Reaseguradoras Extranjeras para Tomar Reaseguro y Reafianzamiento del País, dadas a conocer por esta Comisión en la Circular F-3.2 del 2 de agosto de 1996.

Desviación en la Constitución de Reservas Técnicas, en contravención a lo dispuesto en el artículo 34 de la Ley Federal de Fianzas con relación a la Quinta de las Reglas de la Reserva de Fianzas ***en Vigor Complementaria por Calidad** de Reaseguradoras Extranjeras dadas a conocer en la Circular F-6.5 del 1° de Julio de 1997.

Conforme a lo establecido en el artículo 34 de la Ley Federal de Fianzas con relación a la Quinta de las Reglas de la Reserva de Fianzas **en Vigor Complementaria por Calidad** de Reaseguradoras Extranjeras dadas a conocer en la Circular F-6.5 del 1° de Julio de 1997, esa institución debió constituir la Reserva Técnica de Riesgos **en Curso Complementaria** por Calidad de Reaseguradoras Extranjeras, sin embargo, durante la visita de inspección se observó lo siguiente:

Ley Federal de Instituciones de Fianzas = Federal Surety Institutions Law
Registro General de Reaseguradoras Extranjeras para Tomar Reaseguro y Reafianzamiento del País = General Registry of Foreign Reinsurers To Take Reinsurance and Re-bonding in the Country
Reservas Técnicas = Technical Reserves
Quinta de las Reglas = the Fifth Regulation
Reaseguradoras Extranjeras = Foreign Reinsurers

Thank you so much.
Taña
Taña Dalglish
Jamaica
Local time: 01:59
(regulation on) additional (reserve(s) for) current (sureties) applying to (foreign reinsurers)
Explanation:
Hi Taña. I venture into this territory with some trepidation, as reinsurance is very tricky, but the key thing here is to parse the phrase correctly.

For this purpose it is very helpful to look at the Quinta Regla. Its second paragraph reads:

"El origen de la reserva parte del principio de que las responsabilidades cedidas a reaseguradoras no inscritas en el Registro mencionado se consideran como una retención para la institución, por lo que esta reserva es por su naturaleza complementaria a la reserva técnica de fianzas en vigor."
http://www.cnsf.gob.mx/Normativa/InstReglas/ReglasCNSF/134 3...

Here, by the way, is the actual Ley Federal de Instituciones de Fianzas:
http://www.scribd.com/doc/88944119/Ley-Federal-de-Fianzas

So "complementaria" goes with "reserva" and "en vigor" goes with "fianzas". We therefore need to take the full phrase, which refers to "reserve complementaria de fianzas en vigor", which we can translate as "additional reserve for current sureties".

"Reserve for current sureties" is used by the IMF here, referring to Mexico and Latin America:

"Regarding surety institutions, they must constitute a reserve for current sureties"
http://www.imf.org/external/pubs/ft/scr/2012/cr1267.pdf

Logically "reserva complementaria" should be "supplementary reserve", but this expression turns out to be rare, and "additional reserve" is much more common in this field:
https://www.google.es/search?num=100&hl=es&q="additional res...

So that leaves us with "por calidad de reaseguradoras extranjeras". "Calidad" must, I think, mean "capacity": in their capacity as foreign reinsurers, by virtue of being foreign reinsurers. The point is that according to the Quinta Regla (and art. 34), the obligation to have an additional reserve applies to foreign reinsurers not included in the register. So I think this phrase could be translated as "applying to".
Selected response from:

Charles Davis
Spain
Local time: 08:59
Grading comment
Charles, again thank you so much. Great work!
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1(regulation on) additional (reserve(s) for) current (sureties) applying to (foreign reinsurers)
Charles Davis


  

Answers


4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
(regulation on) additional (reserve(s) for) current (sureties) applying to (foreign reinsurers)


Explanation:
Hi Taña. I venture into this territory with some trepidation, as reinsurance is very tricky, but the key thing here is to parse the phrase correctly.

For this purpose it is very helpful to look at the Quinta Regla. Its second paragraph reads:

"El origen de la reserva parte del principio de que las responsabilidades cedidas a reaseguradoras no inscritas en el Registro mencionado se consideran como una retención para la institución, por lo que esta reserva es por su naturaleza complementaria a la reserva técnica de fianzas en vigor."
http://www.cnsf.gob.mx/Normativa/InstReglas/ReglasCNSF/134 3...

Here, by the way, is the actual Ley Federal de Instituciones de Fianzas:
http://www.scribd.com/doc/88944119/Ley-Federal-de-Fianzas

So "complementaria" goes with "reserva" and "en vigor" goes with "fianzas". We therefore need to take the full phrase, which refers to "reserve complementaria de fianzas en vigor", which we can translate as "additional reserve for current sureties".

"Reserve for current sureties" is used by the IMF here, referring to Mexico and Latin America:

"Regarding surety institutions, they must constitute a reserve for current sureties"
http://www.imf.org/external/pubs/ft/scr/2012/cr1267.pdf

Logically "reserva complementaria" should be "supplementary reserve", but this expression turns out to be rare, and "additional reserve" is much more common in this field:
https://www.google.es/search?num=100&hl=es&q="additional res...

So that leaves us with "por calidad de reaseguradoras extranjeras". "Calidad" must, I think, mean "capacity": in their capacity as foreign reinsurers, by virtue of being foreign reinsurers. The point is that according to the Quinta Regla (and art. 34), the obligation to have an additional reserve applies to foreign reinsurers not included in the register. So I think this phrase could be translated as "applying to".

Charles Davis
Spain
Local time: 08:59
Native speaker of: English
PRO pts in category: 116
Grading comment
Charles, again thank you so much. Great work!
Notes to answerer
Asker: Dear Charles: Thank you so much. As always, I admire your research skills and your patience (in doing the research). You have no idea how I have agonized over this phrase and searched high and low for information. Thank you, thank you so much. Fantastic! Have a good one! Warm regards, Taña


Peer comments on this answer (and responses from the answerer)
agree  Cyril B.
1 hr
  -> ¡Gracias, Cyril!
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