Modifying Circular 12/22 of the Single Circular on Insurance and Sureties

DOF: 28/11/2022

Modifying Circular 12/22 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.

MODIFYING CIRCULAR 12/22 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Eighty-Fourth Transitory Provision)

The National Commission of Insurance and Sureties, based on the provisions of articles 366, fraction II, 367, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions, and

CONSIDERING

That in accordance with what is provided in article 300 of the Law of Insurance and Surety Institutions, the accounts that Institutions and Mutual Societies must keep in their accounting shall comply with the general provisions issued for this purpose by this Commission.

That through Annex 22.1.2. of the Single Circular on Insurance and Sureties, the National Commission of Insurance and Sureties made known the accounting criteria applicable from the 2016 fiscal year, so that Institutions and Mutual Societies adequately present their assets, liabilities, capital, results, and off-balance sheet accounts.

That on December 21, 2021, Modifying Circular 15/21 of the Single Circular on Insurance and Sureties was published in the Official Journal of the Federation, which added the Eighty-Fourth Transitory Provision of the Single Circular on Insurance and Sureties, with the objective that insurance and surety institutions, as well as mutual insurance societies, would be able to carry out the adjustment in their accounting processes with the Financial Information Standards (NIF), issued by the Mexican Council of Financial Information Standards, A.C. (CINIF), stating that the "Application of particular standards" provided in Annex 22.1.2. regarding the "Accounting criteria applicable to institutions, mutual societies, and controlling societies" would enter into force on January 1, 2023. This was done as part of the harmonization process with the NIF, which the National Commission of Insurance and Sureties deemed appropriate to carry out. In this regard, with respect to NIF D-1 "Revenue from contracts with customers" and D-2 "Costs from contracts with customers" issued by CINIF, this Commission considers it necessary to extend the deadline for the application of said NIFs, with the objective that Insurance Institutions and Mutual Insurance Societies are able to carry out the adjustment in their accounting processes.

For the reasons stated above, this 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:

MODIFYING CIRCULAR 12/22 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Eighty-Fourth Transitory Provision)

SINGLE.- The Eighty-Fourth Transitory Provision of the Single Circular on Insurance and Sureties is modified, to read as follows:

« EIGHTY-FOURTH.- The Financial Information Standards D-1 "Revenue from contracts with customers" and D-2 "Costs from contracts with customers", issued by the Mexican Council of Financial Information Standards, A.C. and referred to in paragraph 2 of Criterion A-2 "Application of particular standards" of Annex 22.1.2., shall enter into force on January 1, 2024. »

TRANSITORY

SINGLE.- This Modifying Circular shall enter into force the day after its publication in the Official Journal of the Federation.

This is made known to you, based on articles 366, fraction II, 367, fraction II, 372, fractions VI and XLII, 373, and 381 of the Law of Insurance and Surety Institutions.

Respectfully,

Mexico City, November 16, 2022.- The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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