Amending Circular 22/21 of the Single Insurance and Surety Circular

DOF: 04/01/2022

Amending Circular 22/21 of the Single Insurance and Surety Circular

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of Insurance and Sureties.

AMENDING CIRCULAR 22/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Third Transitory Provision)

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

CONSIDERING

That in view of the extraordinary actions taken by health authorities in our country to address the health emergency generated by the SARS-CoV2 virus (COVID-19), this National Commission of Insurance and Sureties has published various Agreements and Circirculars by which deadlines have been suspended regarding procedures and processes for the attention of insurance, surety, and other entities subject to its supervision, and temporary regulatory measures have been adopted considering the operational impacts derived from the health emergency.

That within these temporary regulatory measures and with the purpose of reducing the quantitative impact on surety institutions regarding the registration of estimates for doubtful receivables in cases of surety bonds, as well as premiums receivable for administrative sureties and liability insurance that by legal provision have the character of mandatory, on March 30, 2021, Amending Circular 5/21 of the Single Insurance and Surety Circular was published in the Official Gazette of the Federation, by which the Eighty-Third Transitory Provision was added, which established that the deadlines established in paragraph 9 of criterion g), regarding 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 an estimate for doubtful receivables in cases of surety bonds, as well as for premiums receivable for administrative sureties; and from 90 to 150 natural days from the start of validity, for the registration of said estimate in cases of liability insurance indicated in paragraph 5 of said criterion and for premiums receivable for sureties issued, except administrative sureties, stating that the effects of said criterion would be applicable during the period between April 1, 2020, and June 30, 2021.

That, according to the quantitative information obtained by this Decentralized Body of the Ministry of Finance and Public Credit, it is observed that the age of balances in the debtor premium item in surety institutions has increased compared to exercises prior to the pandemic, so this Commission considers it necessary to modify the Eighty-Third Transitory Provision to the Single Insurance and Surety Circular, with the purpose of extending the deadline established in said transitory provision to December 31, 2021, therefore it has resolved to issue the following modification to the Single Insurance and Surety Circular in the terms specified below:

AMENDING CIRCULAR 22/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Third Transitory Provision)

SINGLE.-

The Eighty-Third Transitory 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), regarding 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 an estimate for doubtful receivables in cases of surety bonds, as well as for premiums receivable for administrative sureties; and from 90 to 150 natural days from the start of validity, for the registration of said estimate in cases of liability insurance indicated in paragraph 5 of said criterion and for premiums receivable for sureties issued, except administrative sureties.

The effects of this criterion will be applicable during the period between April 1, 2020, and December 31, 2021. »

TRANSITORY

SINGLE.- This Amending Circular will enter into force on the next business day following its publication in the Official Gazette of the Federation.

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

Respectfully,

Mexico City, December 28, 2021. - The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez. - Signature.

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