Regulatory Alerts2016-11-01 | DOF 5459229Added
Modifying Circular 16/16 of the Single Insurance and Surety Circular
This circular amends the Twenty-Seventh Transitory Provision of the Single Insurance and Surety Circular to exempt insurance institutions and mutual societies from presenting comparative financial statements for the 2016 fiscal year. It mandates that accounting records related to the application of the Insurance and Surety Institutions Law and Annex 22.1.2 must affect balance sheet items without impacting prior years' results or 2016 and subsequent exercise results. Additionally, it requires 2016 financial statement notes to include a three-column income statement detailing effects from the new law, 2016 operations, and the total, accompanied by a description of the general provisions' effects.
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