Modifying Circular 17/23 of the Single Insurance and Surety Circular

DOF: 08/01/2024

Modifying Circular 17/23 of the Single Insurance and Surety Circular

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

National Insurance and Sureties Commission.

MODIFYING CIRCULAR 17/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Fourth Transitory Provision)

The National Insurance and Sureties Commission, 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 Insurance and Surety Circular, the National Insurance and Sureties Commission 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 November 28, 2022, Modifying Circular 12/22 of the Single Insurance and Surety Circular was published in the Official Journal of the Federation, which modified the Eighty-Fourth Transitory Provision of the Single Insurance and Surety Circular, 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 with Financial Information Standards (NIF) D-1 "Revenue from contracts with customers" and D-2 "Costs from contracts with customers", issued by the Mexican Council of Financial Information Standards, A.C. (CINIF), stating that the "Application of Financial Information Standards" provided for in Annex 22.1.2. regarding the "Accounting criteria applicable to institutions, mutual societies and controlling societies" would enter into force on January 1, 2024. The foregoing as part of the harmonization process with the NIF, which the National Insurance and Sureties Commission deems 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 Insurance and Sureties Commission has resolved to issue the following modification to the Single Insurance and Surety Circular, in the following terms:

MODIFYING CIRCULAR 17/23 OF THE SINGLE INSURANCE AND SURETY CIRCULAR

(Eighty-Fourth Transitory Provision)

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

« EIGHTY-FOURTH. - The Financial Information Standards D-1 "Revenue from contracts with customers" and D-2 "Costs from contracts with customers", 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, 2025.»

TRANSITORY

FIRST. - Publish in the Official Journal of the Federation.

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

Respectfully

Mexico City, December 28, 2023. - The President of the National Insurance and Sureties Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.

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