Modificatory 8/18 of the Single Insurance and Surety Circular

DOF: 29/06/2018

CIRCULAR Modificatory 8/18 of the Single Insurance and Surety Circular

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

CIRCULAR

MODIFICATORY

8 /18

OF

THE

SINGLE

INSURANCE

AND

SURETY

(Clauses

25.1.8.

and

25.1.22.)

The National Commission of Insurance and Sureties, based on the provisions of Articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That on April 4, 2013, the "Decree establishing the Law of Insurance and Surety Institutions and reforming and adding various provisions of the Law on the Insurance Contract" was published in the Official Gazette of the Federation, through which, in terms of its First Article, the Law of Insurance and Surety Institutions was established.

That on December 19, 2014, the Single Insurance and Surety Circular was published in the Official Gazette of the Federation, through which the general provisions emanating from the Law of Insurance and Surety Institutions are made known, systematizing their integration and homogenizing the terminology used, in order to thereby provide legal certainty regarding the regulatory framework to which insurance and mutual insurance institutions, surety institutions, and other persons and entities subject to the inspection and surveillance of the National Commission of Insurance and Sureties must adhere in the development of their operations.

That in accordance with what is provided by the Law to Regulate Financial Groupings, the Controlling Societies of Financial Groups must be regulated, in matters that so warrant, jointly by the Supervisory Commissions.

That for such purposes, the National Banking and Securities Commission, the National Commission of Insurance and Sureties, and the National Retirement Savings System Commission issued the "General provisions applicable to controlling societies of financial groups and sub-controlling societies that regulate the matters that correspond jointly to the National Supervisory Commissions".

That Clause 25.1.8. of the Single Insurance and Surety Circular establishes that Controlling Societies must disseminate through the main page of their Internet portal the annual basic consolidated financial statements audited with figures as of the month of December of each year, including their notes, as well as the opinion issued by the independent external auditor, which must comply with the requirements provided for in the aforementioned Single Circular.

That Clause 25.1.22. of the Single Insurance and Surety Circular establishes that the annual consolidated financial statements of the Controlling Societies must be audited by external auditors who comply with the requirements established in the aforementioned Single Circular.

That it is necessary to modify Clauses 25.1.8. and 25.1.22. of the Single Insurance and Surety Circular, in order to refer to the requirements that external auditors must comply with regarding the issuance of the aforementioned "General provisions applicable to controlling societies of financial groups and sub-controlling societies that regulate the matters that correspond jointly to the National Supervisory Commissions".

Therefore, the National Commission of Insurance and Sureties has resolved to issue the following modification to the Single Insurance and Surety Circular in the following terms:

CIRCULAR

MODIFICATORY

8/18

OF

THE

SINGLE

INSURANCE

AND

SURETY

(Clauses 25.1.8. and 25.1.22.)

SINGLE.- Clauses 25.1.8. and 25.1.22. of the Single Insurance and Surety Circular are modified to read as follows:

25.1.8. Controlling Societies must disseminate through the main page of their Internet portal the annual basic consolidated financial statements audited with figures as of the month of December of each year, including their notes, as well as the opinion issued by the independent external auditor, within the sixty natural days following the closing of the respective fiscal year.

In addition to the foregoing, the independent external auditor must comply with the requirements indicated in the "General provisions applicable to controlling societies of financial groups and sub-controlling societies that regulate the matters that correspond jointly to the National Supervisory Commissions".

...

I.

to

V.

...

25.1.22. The annual consolidated financial statements of the Controlling Society must be audited by external auditors who comply with the requirements established in the "General provisions applicable to controlling societies of financial groups and sub-controlling societies that regulate the matters that correspond jointly to the National Supervisory Commissions", and must present the opinion, reports, and communications to the Commission, in accordance with what is indicated in Chapter 23.1. of these Provisions.

...

...

TRANSITORY

SINGLE.- This Modificatory Circular will enter into force the day following its publication in the Official Gazette of the Federation.

The foregoing is made known to you, based on Articles 366, fraction II, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Effective Suffrage.

No Re-election.

Mexico City, June 21, 2018.- The President of the National Commission of Insurance and Sureties,

Norma Alicia Rosas Rodríguez.- Signature.

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