Modifying Circular 15/19 of the Single Insurance and Surety Circular

DOF: 04/12/2019

MODIFYING CIRCULAR 15/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

A seal bearing the National Coat of Arms appears at the margin, which reads: United Mexican States.- SHCP.- Ministry of Finance and Public Credit.- National Commission for Insurance and Sureties.

MODIFYING CIRCULAR 15/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Seventy-Ninth Transitory Provision)

The National Commission for 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,

CONSIDERING

That on December 14, 2018, Modifying Circular 17/18 of the Single Insurance and Surety Circular was published in the Official Gazette of the Federation, which adds the Seventy-Ninth Transitory Provision to the Single Insurance and Surety Circular, as part of the harmonization process with the Financial Information Standards (NIF) issued by the Mexican Council for Research and Development of Financial Information Standards, A.C. (CINIF). In this regard, the National Commission for Insurance and Sureties has conducted an analysis of its accounting criteria to identify and eliminate, as far as possible, the existing differences between the NIF and the accounting criteria applicable to the insurance and surety sectors, and

That in order that insurance and surety institutions, as well as mutual insurance societies, are able to carry out the adaptation of their accounting processes to the NIF issued by CINIF, the National Commission for Insurance and Sureties has deemed it appropriate 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 for Insurance and Sureties has resolved to issue the following modification to the Single Insurance and Surety Circular under the following terms:

MODIFYING CIRCULAR 15/19 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Seventy-Ninth Transitory Provision)

SINGLE.- The Seventy-Ninth Transitory Provision to the Single Insurance and Surety Circular is modified, to read as follows:

« SEVENTY-NINTH .- The Financial Information Standards B-17 "Determination of Fair Value", C-3 "Accounts Receivable", C-9 "Provisions, Contingencies and Commitments", C-16 "Impairment of Financial Instruments Receivable", C-19 "Financial Instruments Payable", 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 Information 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, 2021.»

TRANSITORY

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

This 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,

Mexico City, November 13, 2019. - The President of the National Commission for Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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