Modifying Circular 15/21 of the Single Circular on Insurance and Sureties

DOF: 21/12/2021

Modifying Circular 15/21 of the Single Circular on Insurance and Sureties

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

MODIFYING CIRCULAR 15/21 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Transitory Provision Eighty-Fourth)

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 will be adjusted to 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 exercise, so that Institutions and Mutual Societies adequately present their assets, liabilities, capital, results, and off-balance sheet accounts.

That on October 23, 2020, Modifying Circular 8/20 of the Single Circular on Insurance and Sureties was published in the Official Gazette of the Federation, which modified the Transitory Provision Seventy-Ninth 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 of the Financial Reporting Standards (NIF), issued by the Mexican Council of Financial Reporting Standards, A.C. (CINIF), stating that the "Application of particular norms" provided in Annex 22.1.2. regarding the "Criteria of accounting applicable to institutions, mutual societies, and controlling societies," would enter into force on January 1, 2022. The above 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 NIF, with the objective that Insurance Institutions and Mutual Societies are able to carry out the adjustment in their accounting processes.

For the aforementioned reasons, 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 15/21 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Transitory Provision Eighty-Fourth)

SOLE.- Transitory Provision Eighty-Fourth is added to the Single Circular on Insurance and Sureties, to read as follows:

«EIGHTY-FOURTH.- The Financial Reporting Standards D-1 "Revenue from contracts with customers" and D-2 "Costs from contracts with customers," issued by the Mexican Council of Financial Reporting Standards, A.C. and referred to in paragraph 2 of Criterion A-2 "Application of particular norms" of Annex 22.1.2., will enter into force on January 1, 2023.»

TRANSITORY

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

The above 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, December 14, 2021.- The President of the National Commission of Insurance and Sureties, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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