Amending Circular 5/21 of the Single Insurance and Surety Circular

DOF: 30/03/2021

AMENDING CIRCULAR 5/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

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

AMENDING CIRCULAR 5/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Transitory Eighty-Third Provision)

The National Commission of Insurance and Sureties, 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, and

CONSIDERING

That on March 30, 2020, the General Health Council published in the Official Gazette of the Federation the "Agreement declaring a health emergency due to force majeure, the epidemic of the disease generated by the SARS-CoV2 virus (COVID-19)," stating that the Ministry of Health would determine the actions necessary to address said emergency.

That on March 31, 2020, the Ministry of Health published in the Official Gazette of the Federation the "Agreement establishing extraordinary actions to address the health emergency generated by the SARS-CoV2 virus (COVID-19)," through which, among other measures, the immediate suspension of non-essential activities in the public, social, and private sectors was ordered, which was modified through publication in the Official Gazette of the Federation on April 21, 2020.

In this context, this National Commission of Insurance and Sureties published in the Official Gazette of the Federation on April 7, May 4 and 29, June 30, and July 16, 2020, various Agreements suspending deadlines regarding procedures and processes for the attention of insurance institutions, surety institutions, and other persons subject to its supervision until July 31, 2020, due to the health emergency.

That on May 14, 2020, the Ministry of Health published in the Official Gazette of the Federation the "Agreement establishing a strategy for the reopening of social, educational, and economic activities, as well as a traffic light system by region to evaluate epidemiological risk related to the reopening of activities in each federal entity weekly, as well as establishing extraordinary actions," which was modified by Agreement published in the same medium on May 15, 2020. And said Agreement aims to establish a strategy for the reopening of social, educational, and economic activities, as well as a traffic light system by region to evaluate epidemiological risk related to the reopening of activities in each federal entity weekly, as well as to establish extraordinary actions. Stating that in its Second Article, it was established that the reopening of activities would be gradual, orderly, and cautious.

That in Mexico City, seat of the National Commission of Insurance and Sureties, on May 20, 2020, the Government of Mexico City announced the Gradual Plan towards the new normality in Mexico City, which establishes the implementation of a staggered return that prioritizes the right to health to contain the coronavirus COVID-19 pandemic and avoid new outbreaks of infection, with the purpose of generating a healthy life and coexistence based on an Epidemiological Traffic Light with four colors: red, orange, yellow, and green, for the staggered reopening of various activities.

That based on the Gradual Plan towards the new normality, this Decentralized Body published in the Official Gazette of the Federation on August 3, 2020, the "AGREEMENT establishing deadlines for the continuity of procedures and the resolution of procedures under the competence of the National Commission of Insurance and Sureties during the period of duration of the health contingency," in order to provide certainty in the attention of matters under its competence until such time as health authorities determine that the health contingency has concluded, establishing deadlines for the attention of procedures and processes according to the color of the epidemiological traffic light.

That through Annex 22.1.2. of the Single Insurance and Surety Circular, this Commission makes known the "Criteria of accounting applicable to institutions, mutual societies, and controlling societies," applicable from the 2016 exercise, with the purpose that these entities adequately present their assets, liabilities, capital, results, and off-balance sheet accounts.

That insurance and surety institutions, as well as other persons subject to the inspection and surveillance of the Commission, considering the operational effects derived from the contingency, have implemented mechanisms to ensure the continuity of the financial services they provide.

That with the purpose of reducing the quantitative impact on them, it is necessary to adopt certain temporary measures related mainly to the registration of the estimate of doubtful collectibility in the cases of surety insurance, as well as premiums receivable for administrative sureties and liability insurance that by legal provision have the character of mandatory, this in attention to what is stated in Article 150 Bis of the Law on the Insurance Contract and the estimate of doubtful collectibility of premiums receivable for sureties issued, except administrative sureties. This is due to the administrative process involved in the collection of the corresponding premiums.

In this context, this Commission has observed the need to add a Transitory Provision with the purpose of extending the deadline for the accounting registration of the estimate of doubtful collectibility, established in the aforementioned Annex 22.1.2. of the Single Insurance and Surety Circular, specifically, criterion g) Debtors (B-7), paragraph (9), so that Institutions carry out the estimate of doubtful collectibility. This is because the total or partial non-payment of the premium in the case of surety or surety insurance policies does not produce the cessation or suspension of their effects. Likewise, when it is a debt by a public institution, there is certainty that it will make the payment.

For the above reasons, this Commission has resolved to issue the following modification to the Single Insurance and Surety Circular in the terms specified below:

AMENDING CIRCULAR 5/21 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Transitory Eighty-Third Provision)

SINGLE.-

The Transitory Eighty-Third Provision is added to the Single Insurance and Surety Circular, 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 calendar days from the start of validity to register an estimate of doubtful collectibility in the cases of surety insurance, as well as for premiums receivable for administrative sureties; and from 90 to 150 calendar 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 for sureties issued, except administrative sureties.

The effects of this criterion will be applicable during the period between April 1, 2020, and June 30, 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.

This 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.

Respectfully

Mexico City, March 22, 2021. - The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez. - Signature.

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