CHL CMF proposed changes to rules on submission of financial statements for insurers, reinsurers; proposed to require entities to present duly audited semiannual reports.
Consultation makes changes to Circular 2022, which establishes standards on form, content, and presentation of the statements by insurance and reinsurance entities.
Highlights
Added submission of duly audited financial statements as of Jun. 30 of each year.
Currently, this requirement applies to the annual submission of financial statements.
Audit reports must be submitted, with corresponding results, on the last day of the month following closing date, or on the following business day, if not a business day.
This proposal allows regulatorS and capital marketS to have better information for decision-making, anticipating matters that affect the financial situation of companies.
Compliance
Amendments will come into force on Jan. 1, 2025, so the first audited interim financial statements that must be presented will be those corresponding to Jun. 30, 2025.
Consultation
Comments on the draft regulations shall be submitted on or before Jun. 6, 2024.
Jul. 25, 2024 CHL CMF Final Rules
On Jul. 25, 2024, CHL CMF published Circular 2523 re final rules for the submission of financial statements for insurers and reinsurers to present audited semiannual reports.
Also, published report to adjust Circular 2022, which provides rules on form, content, and presentation of the financial statements of insurance and reinsurance entities.
The report incorporates paragraph A of Section II regarding the obligation to submit a review report to CHL CMF on the financial statements as of Jun. 30 of each year.
Amendments will come into force on Jan. 1, 2025, so the first audited interim financial statements that must be presented will be those corresponding to Jun. 30, 2025.
