Amending Circular 8/20 of the Single Circular on Insurance and Sureties

DOF: 23/10/2020

Amending Circular 8/20 of the Single Circular on Insurance and Sureties

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 8/20 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-Ninth Transitory Provision)

The National Commission of Insurance and Sureties, based on the provisions of articles 366, section II, 372, sections VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That on December 4, 2019, Amending Circular 15/19 of the Single Circular on Insurance and Sureties was published in the Official Gazette of the Federation, which modified the Seventy-Ninth Transitory Provision of the Single Circular on Insurance and Sureties, with the objective that insurance and surety institutions, as well as mutual insurance companies, would be able to carry out the adaptation of their accounting processes to the Financial Reporting Standards (NIF) issued by the Mexican Council for Research and Development of Financial Reporting Standards, A.C. (CINIF), stating that the "Application of particular standards" provided for in Annex 22.1.2 regarding the "Accounting criteria applicable to institutions, mutual societies, and holding companies" would enter into force on January 1, 2021. This is part of the harmonization process with the NIF, which the National Commission of Insurance and Sureties deemed appropriate to carry out in order to identify and eliminate, as far as possible, the differences existing between the NIF and the accounting criteria applicable to the insurance and surety sectors.

That in order for insurance and surety institutions, as well as mutual insurance companies, to be able to carry out the adaptation of their accounting processes to the NIF issued by CINIF, this Decentralized Body of the Ministry of Finance and Public Credit has deemed it convenient to extend the deadline for the application of said NIFs that entered into force as of January 1, 2018, as well as those that began their validity as of January 1, 2019.

For the aforementioned reasons, the National Commission of Insurance and Sureties has resolved to issue the following modification to the Single Circular on Insurance and Sureties in the following terms:

AMENDING CIRCULAR 8/20 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-Ninth Transitory Provision)

SOLE.- The Seventy-Ninth Transitory Provision of the Single Circular on Insurance and Sureties is modified to read as follows:

« SEVENTY-NINTH.- The Financial Reporting Standards B-17 "Determination of fair value", C-3 "Accounts receivable", C-9 "Provisions, contingencies and commitments", C-16 "Impairment of financial instruments for collection", C-19 "Financial instruments for payment", C-20 "Financial instruments to collect principal and interest", D-1 "Revenue from contracts with customers", D-2 "Costs from contracts with customers", and D-5 "Leases", issued by the Mexican Council of Financial Reporting Standards, A.C. and referred to in paragraph 2 of Criterion A-2 "Application of particular standards" of Annex 22.1.2, will enter into force on January 1, 2022. »

TRANSITORY

SOLE.- This Amending Circular will enter into force the day after its publication in the Official Gazette of the Federation.

This is made known to you, based on articles 366, section II, 372, sections VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, October 16, 2020.- The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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