Modifying Circular 17/18 of the Single Circular on Insurance and Sureties

DOF: 14/12/2018

Modifying Circular 17/18 of the Single Circular on Insurance and Sureties

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

MODIFYING CIRCULAR 17/18 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-Ninth 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 on April 4, 2013, the "Decree establishing the Law of Insurance and Surety Institutions and reforming and adding various provisions of the Law on the Insurance Contract" was published in the Official Gazette of the Federation, in whose First Article the Law of Insurance and Surety Institutions is established.

That on December 19, 2014, the Single Circular on Insurance and Sureties was published in the Official Gazette of the Federation, through which the general provisions emanating from the Law of Insurance and Surety Institutions are made known, systematizing their integration and homogenizing the terminology used, in order to thereby provide legal certainty regarding the regulatory framework to which institutions and mutual societies and other persons and entities subject to the inspection and surveillance of the National Commission of Insurance and Sureties must adhere in the development of their operations.

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 insurance institutions and mutual societies and surety institutions present their assets, liabilities, capital, results, and off-balance sheet accounts adequately.

That as part of the process of homogenization 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 in order for insurance and surety institutions, as well as mutual insurance societies, to be able to carry out the adaptation of their accounting processes to the NIF issued by CINIF, the National Commission of Insurance and Sureties has deemed it appropriate to extend the deadline for the application of said NIF that entered into force as of January 1, 2018, as well as those that will begin their validity as of January 1, 2019.

For the above reasons, this Commission has resolved to issue the following modification to the Single Circular on Insurance and Sureties in the following terms:

MODIFYING CIRCULAR 17/18 OF THE SINGLE CIRCULAR ON INSURANCE AND SURETIES

(Seventy-Ninth Transitory Provision)

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

"SEVENTY-NINTH. - The Financial Reporting Standards B-17 "Determination of Fair Value", C-3 "Accounts Receivable", C-9 "Provisions, Contingencies and Commitments", C-16 "Impairment of Financial Assets Receivable", C-19 "Financial Liabilities Payable", C-20 "Financial Assets 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 Reporting 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, 2020."

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, 372, fractions VI and XLII, 373 and 381 of the Law of Insurance and Surety Institutions.

Respectfully

Effective Suffrage. No Re-election.

Mexico City, December 7, 2018. - National Commission of Insurance and Sureties.- In the absence of the President, based on article 46 of the Internal Regulations of the National Commission of Insurance and Sureties, the Vice President of Institutional Operation signs,

Gerardo Lozano de León.- Initials.

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