Regulatory Alerts2017-10-06 | DOF 5500129Added
Amending Circular 13/17 of the Single Insurance and Surety Circular
The National Commission of Insurance and Sureties establishes a transitory mechanism allowing insurance institutions to use advances paid for claims arising from the September 7 and 19, 2017 earthquakes as backing for solvency capital requirements. Institutions must register these advances under a specific accounting concept and report them via the electronic format A_T_16 using the SEIVE system, with the first report due by October 13, 2017. This procedure remains valid for six months, after which balances must be transferred to the Current Account item, and institutions unaffected by these claims must formally notify the Commission to be exempt from reporting.