Regulatory Alerts2016-02-26 | DOF 5427387Added
Amending Circular 4/16 of the Single Insurance and Surety Circular (Eighteenth Transitory Provision and Annex 38.1.4.)
This circular modifies the Single Insurance and Surety Circular. It extends the deadline for surety institutions that have reached the accumulation limit of the surety contingency reserve and applied for comprehensive statutory reform to convert into insurance institutions in the surety branch. Such institutions may now maintain these remnants for transfer to the catastrophic risk reserve of surety insurance if their application was submitted before February 29, 2016, provided they also present a technical justification. Additionally, the circular modifies Annex 38.1.4., which specifies the information and documentation requirements for the Regulatory Report on Technical Reserves (RR-3), to provide greater clarity to the regulations without altering their scope.