Regulatory Alerts2018-06-14 | DOF 5526407Added
Modifying Circular 6/18 of the Single Insurance and Surety Circular
The National Insurance and Sureties Commission modifies Articles 3.1.5, 3.2.5, 22.1.2, and 38.1.3 of the Single Insurance and Surety Circular, along with Annexes 8.20.2, 22.1.2, and 23.1.8. The amendments require insurance and mutual societies to submit corporate governance documentation with their regulatory reports, clarify risk assessment submission timelines, update default probability percentages for reinsurance recoverables, and align accounting criteria with Mexican Financial Reporting Standards. These changes take effect the day after publication, with the updated default probabilities applying from July 1, 2018.
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