Modifying Circular 16/16 of the Single Insurance and Surety Circular

DOF: 01/11/2016

Modifying Circular 16/16 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.

MODIFYING CIRCULAR 16/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Seventy-Second Transitory Provision)

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, as part of the harmonization process with the Financial Reporting Standards (NIF) issued by the Mexican Council for Research and Development of Financial Reporting Standards, A.C. (CINIF), the National Commission of Insurance and Sureties has carried out an analysis of its accounting criteria in order 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.

That through Annex 22.1.2 of the Single Insurance and Surety Circular, the National Commission of Insurance and Sureties made known the accounting criteria applicable from the 2016 exercise, so that insurance institutions and mutual societies and surety institutions may adequately present their assets, liabilities, capital, results, and off-balance sheet accounts.

That in accordance with what is established in the Sixty-Sixth Transitory Provision of the Single Insurance and Surety Circular, the modifications and additions provided for in the aforementioned Circular were to be considered from the preparation of the financial statements corresponding to the close of the month of January 2016.

That the National Commission of Insurance and Sureties considers it impractical to present comparative financial statements for the 2016 exercise, primarily due to the changes recorded in the accounting estimates of assets and liabilities resulting from the entry into force of the Law of Insurance and Surety Institutions, and therefore it is necessary to adjust the Seventy-Second Transitory Provision of the Single Insurance and Surety Circular.

For the aforementioned reasons, 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:

MODIFYING CIRCULAR 16/16 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Seventy-Second Transitory Provision)

SOLE.-

The Seventy-Second Transitory Provision to the Single Insurance and Surety Circular is modified to read as follows:

SEVENTY-SECOND.-

The accounting records that Institutions and Mutual Societies make in connection with the application of the accounting criteria provided for in Annex 22.1.2 of this Single Insurance and Surety Circular and the Law of Insurance and Surety Institutions, must affect balance sheet items without affecting the item for results of previous exercises, as well as the results of the 2016 exercise and subsequent ones.

The notes to the financial statements for the 2016 exercise must include an explanation of the nature of the adjustments made in connection with the application of the Law of Insurance and Surety Institutions and the aforementioned accounting criteria, identifying the effects on the balance sheet and the income statement, as well as the effects that may arise in future periods.

The disclosure note will present the income statement corresponding to the 2016 exercise, which will be integrated into three columns in the following terms: first column, the effects derived from the adoption of the general provisions emanating from the Law of Insurance and Surety Institutions; second column, the operations carried out during the 2016 exercise; and third column, the income statement corresponding to the 2016 exercise.

Institutions and Mutual Societies must accompany the disclosure note with an adequate description of the effects derived from the adoption of the general provisions emanating from the Law of Insurance and Surety Institutions.

On the other hand, in accordance with what is established in paragraphs 10, 11, 12, 21, 23, 28, and 30 of NIF B-1, the financial statements corresponding to the 2016 exercise, referred to in Provision 23.1.14. of this Single Insurance and Surety Circular, will not be comparative with those of the immediately preceding year.

TRANSITORY

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

The above 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, October 21, 2016.- The President of the National Commission of Insurance and Sureties, Norma Alicia Rosas Rodríguez.- Signature.

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