Regulatory Alerts2015-12-08 | DOF 5419128Added · Updated
Amending Circular 16/15 of the Single Insurance and Surety Circular
The National Commission of Insurance and Sureties modifies the Single Insurance and Surety Circular to establish procedures for the electronic submission of Regularization Plans and Self-Correction Programs by Institutions, Mutual Societies, Holding Companies of Financial Groups, and Reinsurance Intermediaries. The amendment introduces new provisions (39.5.15 to 39.5.19) requiring entities to use an online system for data entry and to submit signed hard copies with the generated identification folio within five business days of the electronic submission. It also adds three specific formats (Annexes 39.5.16-a, 39.5.16-b, and 39.5.16-c) for submitting these plans and programs under articles 320, 321, and 322 of the Law of Insurance and Surety Institutions, respectively. The circular entered into force the day after its publication in the Official Gazette of the Federation on December 8, 2015.
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