Amendatory Circular 18/22 to the Single Insurance and Surety Circular

DOF: 27/12/2022

AMENDATORY CIRCULAR 18/22 TO THE SINGLE INSURANCE AND SURETY CIRCULAR

In the margin a seal with the National Shield, reading: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Insurance and Surety Commission.

AMENDATORY CIRCULAR 18/22 TO THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Third Transitional Provision)

The National Insurance and Surety Commission, based on articles 366, section II, 367, section II, 372, sections VI and XLII, and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That on March 30, 2021, Amendatory Circular 5/21 to the Single Insurance and Surety Circular was published in the Official Gazette of the Federation, by which the Eighty-Third Transitional Provision was added to said Circular, which established that the deadlines established in the ninth paragraph of criterion g), referring to Debtors (B-7), of Annex 22.1.2. of the Single Insurance and Surety Circular, would be extended from 120 to 180 natural days from the start of validity to register a doubtful collection estimate in the cases of surety bonds, as well as for premiums receivable from administrative bonds; and from 90 to 150 natural days from the start of validity, for the registration of said estimate in the cases of liability insurance indicated in paragraph 5 of said criterion and for premiums receivable from issued bonds, except administrative bonds, indicating that the effects of said criterion would be applicable during the period between April 1, 2020 and June 30, 2021. This with the purpose of reducing the quantitative impact on insurance and surety institutions in relation to the registration of the doubtful collection estimate in the cases of surety bonds, as well as premiums receivable from administrative bonds and liability insurance that by legal provision have the character of mandatory, which were affected by the health emergency caused by the SARS-CoV2 virus (COVID-19).

That on January 4, 2022, this Commission published in the Official Gazette of the Federation Amendatory Circular 22/21 to the Single Insurance and Surety Circular by which the deadline established in said transitory provision was extended until December 31, 2021.

That, according to the quantitative information and its impacts obtained by this Decentralized Body of the Ministry of Finance and Public Credit, updated as of June 30, 2022, and the review of the information generated by the insurance and surety institutions until said date, it is observed that the circumstances that led to adding and subsequently modifying the Eighty-Third Transitional Provision to the Single Insurance and Surety Circular, continue generating quantitative impacts on the institutions, so it is considered necessary to modify the Eighty-Third Transitional Provision to the Single Insurance and Surety Circular in order to extend the deadline established therein to December 31, 2022, so this Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the terms specified below:

AMENDATORY CIRCULAR 18/22 TO THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Third Transitional Provision)

SOLE. - The Eighty-Third Transitional Provision to the Single Insurance and Surety Circular is modified, to read as follows:

« EIGHTY-THIRD. - The deadlines established in paragraph 9 of criterion g), referring to Debtors (B-7), of Annex 22.1.2. of the Single Insurance and Surety Circular, are extended from 120 to 180 natural days from the start of validity to register a doubtful collection estimate in the cases of surety bonds, as well as for premiums receivable from administrative bonds; and from 90 to 150 natural days from the start of validity, for the registration of said estimate in the cases of liability insurance indicated in paragraph 5 of said criterion and for premiums receivable from issued bonds, except administrative bonds.

The effects of this criterion will be applicable during the period between April 1, 2020 and December 31, 2022. »

TRANSITORY

SOLE. - This Amendatory Circular will enter into force on the next business day after its publication in the Official Gazette of the Federation.

The foregoing is made known to you, based on the provisions of articles 366, section II, 367, section II, 372, sections VI and XLII, and 381 of the Law of Insurance and Surety Institutions.

Sincerely,

Mexico City, December 16, 2022.- The President of the National Insurance and Surety Commission, Ricardo Ernesto Ochoa Rodríguez .- Signature.

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