Actuarial Regulatory Monitor 2025 and 2026: CUSF, CONSAR, NIF and standards

How to use this monitor

Each entry answers three questions: what the authority published, what changes in practice and where the official text is. For Mexico we use the Diario Oficial de la Federación (DOF, the Official Gazette) through SIDOF, the lookup system of the Secretaría de Gobernación (Ministry of the Interior), and the CNSF (National Insurance and Surety Commission) LISF and CUSF portal; for everything else, each issuer's own website. We do not use law firm bulletins or press releases as sources.

The test for inclusion is usefulness for actuarial work. We include every amending circular to the CUSF (Single Insurance and Surety Circular) published in the period, even the administrative ones, because they change dates or counterparties; CONSAR (National Retirement Savings Commission) rules on investments and returns; reference values such as the UMA and the minimum wage, which move employee benefits valuations; and the accounting and actuarial standards being adopted or debated outside Mexico.

You can filter by area or by authority, search by keyword and tap a bar on the timeline to see a single month. The full data set is in an open file, monitor.json, with the same content as the cards.

Developments from 2025 to October 2026

Developments logged by month of publication. Tap a bar to filter that month.

AuthoritySearch

September 2026 3 developments

Sep

2026

EFRAGConsultationAccounting

IFRS 17: EFRAG asks to defer the review of the annual cohort exemption until the IASB post-implementation review

EFRAG recommended that the European Commission postpone the review of the exemption that allows European insurers not to group into annual cohorts contracts with intergenerational mutualization or matched cash flows, which was due by December 31, 2027 at the latest. The reason is that the IASB plans to discuss in the second half of 2026 when to start the post-implementation review of IFRS 17.

Actuarial impact. The post-implementation review will be the first formal opportunity to challenge aspects of IFRS 17 such as the contractual service margin, cohorts and the risk adjustment; it is worth documenting implementation experience now.

Official source

Sep

2026

IAAStandardActuarial standards

IAA publishes International Actuarial Note 200 on applying IFRS S2

IAN 200, prepared by the IAA Climate and Sustainability Committee, complements ISAP 8 with questions and answers and practical examples for actuaries involved in disclosures under IFRS S1 and IFRS S2. It is an educational, non binding document.

Actuarial impact. Useful for teams preparing climate scenario analyses or risk metrics for sustainability reports, including those prepared under CINIF's NIS.

Official source

Sep

2026

CONSARProvisionPensions

Net Return Indicators: new proportionality factors for assigning and reassigning accounts from 2027

Amends the Net Return Indicator procedure again: it adjusts the proportionality factors, includes efforts to search for, locate and contact account holders, and updates the Investment Conditions Indicator used for reassignment. The provisions take effect on January 1, 2027.

Actuarial impact. It changes the expected distribution of unregistered accounts among Afores, useful data for industry projections and fee analysis.

Official source

August 2026 1 development

Aug

2026

CINIFConsultationAccounting

CINIF exposes the 2027 Improvements to NIF for comment

The draft proposes changes to NIF B-7 (business acquisitions), D-1 (revenue), D-4 (income taxes), A-2, C-8, C-9, C-19 and C-20, among others. Comments were accepted until September 30, 2026. NIF D-3, Employee Benefits, is not in the draft.

Actuarial impact. No changes are expected in 2027 for employee benefit liability valuations; the improvements to C-9 (provisions) are of interest to anyone estimating contingencies.

Official source

July 2026 1 development

Jul

2026

CNSFAmending circularSurety

Amending Circular 4/26: surety market ratios for the reserve for surety bonds in force

Updates Annex 5.15.3 with the surety market paid claims ratios and annual administrative expense ratio. They are used by companies that lack timely, homogeneous, reliable and sufficient own data to value the reserve for surety bonds in force, under Provision 5.15.3. The CNSF reviews these ratios during the first quarter of each year.

Actuarial impact. Small surety companies or those with limited experience must replace the market parameters in their valuation from its effective date.

Official source

April 2026 2 developments

Apr

2026

CNSFAmending circularInsurance

Amending Circular 3/26: new address of the Nuevo León Regional Office

Amends Provision 39.6.2, section III, item e), which sets the hours and addresses of the filing offices of the CNSF and its regional offices, to reflect the relocation of the Nuevo León Regional Office. It took effect the day after publication.

Actuarial impact. No technical impact; it matters only if physical documents are filed at that office.

Official source

Apr

2026

CNSFAmending circularInsurance

Amending Circular 2/26: extension of agent and adjuster authorizations after the CNSF security incident

Adds the Ninetieth Transitional Provision: authorizations for individual agents, legal representatives of corporate agents, agent proxies and adjusters that were due for renewal from January 15, 2026 remain valid until April 30, 2026. The measure responds to the information security incident the Commission suffered on January 30, 2026.

Actuarial impact. Low direct actuarial impact; relevant for distribution areas and for anyone reviewing operational and technology risk in the ARSI.

Official source

February 2026 3 developments

Feb

2026

CONSARProvisionPensions

Net Return Indicators: 3 year informational horizon and weight of account registration in reassignment

Amends the provisions governing the construction of the Indicadores de Rendimiento Neto (IRN, Net Return Indicators). It allows Afores to show workers returns over a 3 year horizon for informational purposes and adds, as an account reassignment factor, each Afore's effort to get assigned accounts registered. It took effect the day after publication.

Actuarial impact. The IRN drives transfers and assignments; for savings adequacy studies it is wise to separate the informational short term return from the official indicator.

Official source

Feb

2026

CNSFAmending circularPensions

Amending Circular 1/26: adjustment to the technical note for the constitutive amount of 1997 regime life annuities

Amends Annex 14.2.1-y, which contains the technical note for determining the constitutive amount of pensions under the LSS retirement, old age unemployment (cesantía en edad avanzada) and old age insurance, and those under article 172-A. The CNSF found that, in cesantía cases that switch from programmed withdrawal to a life annuity, the note did not use as its reference the average of the guaranteed pensions for one minimum wage and age 60 from the article 170 table, as article 157 requires. The adjustment was approved by the Committee under article 81 of the LSAR at its October 21, 2025 session.

Actuarial impact. It changes the individual account sufficiency test in one specific cesantía scenario; pension insurers must recalculate quotes and validate their systems against the new technical note.

Official source

Feb

2026

EURegulationAccounting

The European Union adopts IFRS 18, mandatory from 2027

Commission Regulation (EU) 2026/338 of February 13, 2026 brings IFRS 18, Presentation and Disclosure in Financial Statements, into European law. The IASB issued it for annual periods beginning on or after January 1, 2027, with early application permitted, and it replaces IAS 1.

Actuarial impact. Insurers reporting under IFRS will have to present the new subtotals for operating profit and profit before financing and income taxes, and disclose management defined performance measures, which in insurance are usually derived from the IFRS 17 insurance service result.

Official source

January 2026 4 developments

Jan

2026

ASBStandardActuarial standards

ASB revises ASOPs 7 and 20 on cash flow analysis, effective June 1, 2026

The US Actuarial Standards Board adopted in December 2025 the revisions of ASOP 7, now Life or Health Cash Flow Analysis, and ASOP 20, now Analysis of Property/Casualty Cash Flows, Including Discounting; it announced them on January 30, 2026. ASOP 20 broadens its scope from discounting loss estimates to any property and casualty cash flow analysis, including premiums and expenses. Both apply to work issued on or after June 1, 2026.

Actuarial impact. They are a frequent reference in Mexico for technical notes, adequacy tests and reserve discounting, especially in groups with a US parent.

Official source

Jan

2026

Congreso de la UniónLaw/DecreePensions

LSS and ISSSTE Law: amendment on substantive equality and gender perspective

A decree amending 17 laws amends articles 2, 3, 202, 286 J and 303 of the LSS and adds a paragraph to article 111 A, which calls for statistics to assess the differing impact of IMSS services on women and men. In the ISSSTE Law it amends articles 10, 29 and 208, which now requires pension rulings to be issued with a gender perspective, and adds a paragraph to article 39. It does not change pension calculation formulas.

Actuarial impact. The sex disaggregated statistics required by article 111 A may improve the data for experience tables and adequacy studies that reflect gender differences.

Official source

Jan

2026

INEGIProvisionPensions

UMA 2026: 117.31 pesos per day from February 1, 2026

INEGI announced the UMA values in force from February 1, 2026: 117.31 pesos per day, 3,566.22 per month and 42,794.64 per year. Compared with 2025, the daily value rises 3.69%, while the general minimum wage rose 13.0%.

Actuarial impact. The gap between the minimum wage and the UMA keeps widening: UMA based caps lose real value against wages, which changes the share of insurable salary in long term projections.

Official source

Jan

2026

CINIFRegulationAccounting

NIF 2026 and the 2026 Sustainability Reporting Standards take effect

The NIF 2026 book compiles the standards in force as of January 1, 2026, including the new NIF and the 2026 Improvements to NIF. The NIS 2026 apply to sustainability information for fiscal years beginning on or after January 1, 2026. The body now operates as the Consejo Mexicano de Normas de Información Financiera y de Sostenibilidad (Mexican Financial and Sustainability Reporting Standards Board).

Actuarial impact. The actuary valuing employee benefits under NIF D-3 should check whether any 2026 improvement touches assumptions or disclosures; the NIS open up work on climate and social risk metrics.

Official source

December 2025 3 developments

Dec

2025

CNSFAmending circularInsurance

Amending Circulars 6/25 and 7/25: 2026 non-business days for companies and for the CNSF

Circular 6/25 amends Annex 13.2.1 with the 2026 days on which insurance companies and mutual insurers may close and suspend operations, which are also non-business days for the Commission. Circular 7/25 amends Annex 13.3.1 with the CNSF staff holiday period. They were signed on December 2, 2025 and took effect the day after publication.

Actuarial impact. CUSF deadlines are counted in business days: these annexes determine the actual due date of every quarterly and annual regulatory report in 2026.

Official source

Dec

2025

CNSFAmending circularInsurance

Amending Circulars 8/25, 9/25 and 10/25: annual RGRE list in force from January 1, 2026

Circular 8/25 publishes Annex 34.1.21-a with the foreign insurers and reinsurers that make up the RGRE and takes effect on January 1, 2026. Circular 9/25 updates register movements and representative offices (Annexes 34.1.21-b and 34.4.3), and 10/25 the list of reinsurance intermediaries from July 1 to October 31, 2025 (Annex 35.1.9).

Actuarial impact. The annual RGRE list is the reference for calculating counterparty risk and for documenting, in the technical note and the reinsurance manual, whom business is ceded to.

Official source

Dec

2025

CONASAMIProvisionPensions

Minimum wage 2026: 315.04 pesos per day in the general zone and 440.87 on the northern border

The CONASAMI Council of Representatives set a 13.0% increase in the General Minimum Wage Zone, to 315.04 pesos per day, made up of an Independent Recovery Amount (MIR) of 17.01 pesos plus a 6.5% fixing increase. In the Northern Border Free Zone the increase is 5.0%, to 440.87 pesos, with no MIR. It applies from January 1, 2026.

Actuarial impact. The minimum wage is the floor of the contribution base salary (article 28 of the LSS), and twice the minimum wage caps the salary for the seniority premium (articles 162 and 486 of the LFT): the 13% increase raises that liability in NIF D-3 valuations.

Official source

November 2025 3 developments

Nov

2025

IAAStandardActuarial standards

IAA adopts ISAP 8 for actuarial services related to IFRS S2

The IAA Council adopted ISAP 8 in Marrakech, a model standard for actuaries providing services related to the ISSB's IFRS S2 climate disclosures; it was announced on December 1, 2025. Like every ISAP, it binds no actuary until a national standard setter adopts, adapts or endorses it.

Actuarial impact. It offers a framework for actuarial work on climate scenarios, exposure metrics and physical and transition risk assumptions within sustainability reports.

Official source

Nov

2025

Congreso de la UniónLaw/DecreeSurety

Amendment to the LISF and the LSAR to align them with the National Code of Civil and Family Procedure

A legislative alignment decree amends articles 193, 280, 281 and 479 of the LISF so that the Código Nacional de Procedimientos Civiles y Familiares (National Code of Civil and Family Procedure) is the supplementary law for the procedures they govern, including the judicial collection of surety bonds. The same decree amends the last paragraph of article 111 of the LSAR.

Actuarial impact. It does not change reserves or capital, but it does change judicial surety claim procedures, which can alter the payment and recovery times used in claims experience.

Official source

Nov

2025

CONSARProvisionPensions

Investment regime: foreign currency limits for accumulation and decumulation, and FIBRAS in the Siefore Básica de Pensiones

Adjusts the investment limits on foreign currency denominated assets with the stated aim of maximizing the replacement rate during the accumulation and decumulation phases. It clarifies the definition of foreign debt securities, sets guidelines for vehicles whose underlying assets are simplified issuances or Mexican companies, and allows the Siefore Básica de Pensiones to invest in FIBRAS through vehicles.

Actuarial impact. It is the first time the regime explicitly mentions the decumulation phase; relevant for anyone modeling programmed withdrawals and the transition to a life annuity.

Official source

October 2025 3 developments

Oct

2025

CNSFAmending circularInsurance

Amending Circular 4/25: operational risk loss event database, risk appetite and risk tolerance

Adds Provision 3.2.13, which requires insurance companies and mutual insurers to keep an operational risk loss event database using the catalog and format in Annexes 3.2.13-a and 3.2.13-b. It defines risk appetite and risk tolerance in Provision 1.1.1 and tasks the risk management area with coordinating and verifying the calculation and submission of the RCS. It takes effect on July 1, 2026, and the first database submission covers the September 30, 2026 cutoff; a clarifying note dated May 8, 2026 corrected the reference in Annex 3.2.13-b.

Actuarial impact. It is the input the CNSF needs to recalibrate operational risk in the RCS standard formula. The actuarial function and the risk area must reconcile the loss database with the accounting records and with the PSD assumptions.

Official source

Oct

2025

CNSFAmending circularInsurance

Amending Circulars 2/25 and 3/25: additions and changes to the register of foreign reinsurers and reinsurance intermediaries

Circular 2/25 updates Annexes 34.1.21-b and 34.4.3 with registrations, cancellations and changes in legal status in the Registro General de Reaseguradoras Extranjeras (RGRE, General Register of Foreign Reinsurers) and with the authorized representative offices. Circular 3/25 renews Annex 35.1.9, the list of authorized reinsurance intermediaries as of June 30, 2025. Both were published the same day and took effect the following day.

Actuarial impact. Only reinsurers registered in the RGRE are valid counterparties; before recognizing reinsurance recoverables, it is wise to check the program against the annex in force.

Official source

Oct

2025

EIOPAConsultationInternational

EIOPA opens a new set of consultations stemming from the Solvency II review

EIOPA published six consultations on instruments arising from the review of the framework: two revised implementing technical standards, two revised guidelines and new technical standards, among others. They are part of the secondary legislation needed to apply Directive (EU) 2025/2.

Actuarial impact. EIOPA guidelines often anticipate valuation and reporting practices that Latin American supervisors study; useful for following the technical evolution of the risk margin and reporting.

Official source

September 2025 1 development

Sep

2025

IAAConsultationActuarial standards

IAA puts the revision of ISAP 1, General Actuarial Practice, out for consultation

The IAA Actuarial Standards Committee published the exposure draft revising ISAP 1 and the glossary, the first revision since 2018. It responds to advances in data science, the use of artificial intelligence, climate risks and their disclosure. Comments were accepted until January 18, 2026.

Actuarial impact. ISAP 1 is the model from which many national standards derive, including CONAC's; its changes signal what will be expected in documentation, model use and communication.

Official source

August 2025 2 developments

Aug

2025

NAICRegulationInternational

NAIC adopts Actuarial Guideline LV (AG 55) and the 2026 Valuation Manual with the new economic scenario generator

At its joint meeting of the Executive Committee and Plenary, the NAIC adopted AG 55, which calls for asset adequacy testing on certain life reinsurance treaties. At the same session it approved the amendments to the 2026 Valuation Manual, including APF 2025-04, which implements the economic scenario generator for principle based reserves.

Actuarial impact. It affects reinsurers that assume US life business, including those operating from offshore jurisdictions, and changes the stochastic scenarios for PBR reserves.

Official source

Aug

2025

CONSARProvisionPensions

Amendments to the Siefore investment regime: state public enterprises and Annex S bis limits

Replaces the concept of State Productive Enterprises with State Public Enterprises, following the October 2024 constitutional reform on strategic areas and enterprises. It clarifies that exceeding the limits of either Annex S or Annex S bis constitutes a breach, adjusts the extended limits for quarters 148 to 150 and strengthens prudential control of structured instruments.

Actuarial impact. The asset class limits of each generational Siefore change the available efficient frontier; they are worth reviewing in ALM studies of private plans that compare their portfolio with the Siefores'.

Official source

July 2025 2 developments

Jul

2025

CONSARProvisionPensions

New general financial provisions for the Retirement Savings Systems

CONSAR issues a new body of financial provisions that adds rules for investing in simplified issuances, in line with the reform of the Securities Market Law and with the CNBV provisions of January 2025. It requires Afores to have a subcommittee specialized in structured instruments, a channel to receive investment proposals from the local market, exit policies and prudential concentration limits by project and by manager. It also tightens conflict of interest and transparency requirements for investing in FIBRAS.

Actuarial impact. It changes the asset universe and governance of the Siefores, which affects return and risk assumptions in balance and replacement rate projections.

Official source

Jul

2025

IAISStandardInternational

IAIS approves the principles for assessing implementation of the Insurance Capital Standard

The ICS, adopted in December 2024, is the prescribed group level capital requirement for internationally active insurance groups and the quantitative element of ComFrame. The IAIS Executive Committee approved the high level principles that will guide the assessment methodology: jurisdictions will measure their progress with a self assessment questionnaire in 2026, and jurisdictional assessments are expected from 2027 onward.

Actuarial impact. Groups with a presence in Mexico that qualify as IAIGs will face a second group level capital framework, in addition to each subsidiary's local RCS.

Official source

June 2025 2 developments

Jun

2025

IMSSProvisionPensions

IMSS: pilot program rules to bring digital platform workers into the mandatory regime

On May 27, 2025 the Technical Council approved the general rules for the pilot program, in force since July 1, 2025. Platforms must enroll workers from the moment they register, with at least one general daily minimum wage, and occupational risks are covered under article 291-C of the LFT. The IMSS has 180 calendar days to prepare, using the pilot results, the bills that will define the permanent scheme.

Actuarial impact. It brings in a population with variable income and high turnover: assumptions on contribution density, occupational risk claims and benefit costs must be reviewed.

Official source

Jun

2025

CNSFAmending circularInsurance

CUSF Amending Circular 1/25: new statutory scenarios for the Dynamic Solvency Test

Replaces Annex 7.2.5 with the statutory scenarios that companies must use in the Dynamic Solvency Test for fiscal year 2024, set by the CNSF based on developments in the insurance and surety markets and the macroeconomic context. The same instrument updates Annex 5.15.3, which sets the surety market paid claims and administrative expense ratios. It took effect the day after publication.

Actuarial impact. The actuary who signs the PSD must project with the new scenarios, not last year's. Anyone valuing the reserve for surety bonds in force without sufficient own experience must replace the market parameters.

Official source

February 2025 1 development

Feb

2025

Congreso de la UniónLaw/DecreePensions

Amendment to the Infonavit Law on socially oriented housing

The decree amends the Infonavit Law and the LFT. It empowers the Institute to coordinate, finance, carry out or invest in housing programs for purchase or social rental, to offer social rentals of properties it has built or recovered, and to build homes through a subsidiary.

Actuarial impact. The housing subaccount is part of the worker's retirement wealth; changes in how the Institute uses its funds are a risk to watch in return and adequacy analyses.

Official source

January 2025 2 developments

Jan

2025

INEGIProvisionPensions

UMA 2025: 113.14 pesos per day from February 1, 2025

INEGI published the values of the Unidad de Medida y Actualización (UMA) in force from February 1, 2025: 113.14 pesos per day, 3,439.46 per month and 41,273.52 per year. The daily value is updated with the year over year change in the December INPC; the monthly value is the daily value times 30.4, and the annual value is the monthly value times 12.

Actuarial impact. The UMA is the reference unit for caps, thresholds and amounts set in federal laws and in many plan rules; year end 2025 valuations that use it must apply this value.

Official source

Jan

2025

EULaw/DecreeInternational

Directive (EU) 2025/2: Solvency II review

The Directive of November 27, 2024 amends Directive 2009/138/EC on proportionality, quality of supervision, reporting, long term guarantee measures, macroprudential tools, sustainability risks and group supervision. It has been in force since January 28, 2025, and member states must transpose it by January 29, 2027 at the latest.

Actuarial impact. Solvency II is the conceptual reference for the Mexican RCS; changes to the risk margin, rate extrapolation and proportionality anticipate debates that may reach the CUSF.

Official source

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How it is maintained. We review the daily DOF index, the CUSF updates portal and the websites of international issuers. Last reviewed: October 16, 2026. If you spot an omission or an error, write to us from the author page.

Key takeaways of the period for actuaries

Of the more than thirty developments, four change work processes in Mexico and not just figures. They belong on the agenda of the technical area and the risk committee.

CUSF 4/25

Operational risk stops being just a factor

Since July 1, 2026, insurers must record their operational risk loss events in a database with a defined catalog and format, and submit it every quarter. The first submission covers the September 30, 2026 cutoff. In the recitals the CNSF explains that the information will be used to develop the standard formula for the RCS (solvency capital requirement), so today's database will be tomorrow's calibration.

CUSF 1/26

Life annuities: the technical note is corrected

The technical note for the constitutive amount of Ley 97 pensions did not use the correct reference in old age unemployment (cesantía) cases that move from programmed withdrawal to a life annuity. The correction, approved by the Committee under article 81 of the LSAR (Retirement Savings Systems Law), requires pension insurers to review their quoting tools and validations. More context in pensions.

UMA and minimum wage

The gap widens again

In 2026 the general minimum wage rose 13.0% and the UMA 3.69%. For NIF D-3 valuations, the seniority premium capped at two minimum wages grows faster than any benefit indexed to the UMA; in pension projections, UMA based caps represent an ever smaller fraction of salary.

CONSAR

The investment regime turns toward decumulation

The November 2025 amendments adjust foreign currency limits with the stated aim of maximizing the replacement rate in both accumulation and decumulation, and open FIBRAS (Mexican REITs) to the Siefore Básica de Pensiones through investment vehicles. It is a relevant regulatory signal for anyone modeling programmed withdrawals.

Internationally, the period leaves three dates for the calendar: transposition of the Solvency II review by January 29, 2027 at the latest, the effective date of IFRS 18 for fiscal years beginning on or after January 1, 2027, and the first jurisdictional assessments of the IAIS ICS, expected from 2027 onward.

How to read a CUSF amending circular

The CUSF is never replaced: it is amended piece by piece. Each amending circular carries a sequential number per year (4/25 is the fourth of 2025) and, in parentheses, the list of provisions and annexes it touches. Reading one properly takes ten minutes if you always follow the same order. As an example we use Amending Circular 4/25, published in the DOF on October 24, 2025.

1. Title and scope

The heading CIRCULAR MODIFICATORIA 4/25 DE LA ÚNICA DE SEGUROS Y FIANZAS (DISPOSICIONES 1.1.1., 3.2.1. ... Y 23.1.16.; ANEXOS 3.2.13-A Y 3.2.13-B) already tells you which chapters change. The first number of each provision is the CUSF title: 3 is corporate governance, 5 technical reserves, 6 RCS, 7 dynamic solvency testing and 38 regulatory reporting.

2. Legal basis

The CNSF cites the LISF (Insurance and Surety Institutions Law) articles that grant it the authority. When the resolution of the Governing Board appears, as in 4/25, it is a substantive change and not a routine update.

3. Recitals

They explain the why. They are the best clue to how the CNSF will interpret the rule: in 4/25 they state that the operational risk database will serve supervision and the development of the RCS standard formula under article 236.

4. Operative part

The clauses PRIMERA, SEGUNDA and so on (first, second) distinguish between se adiciona (is added), se modifica (is amended) and se deroga (is repealed). Ellipses mark text that does not change. Always compare against the consolidated version on the CNSF portal.

5. Transitional provisions

They set the effective date and the adjustment periods. The general rule is the day after publication, but 4/25 takes effect on July 1, 2026 and sets the first database submission at the September 30, 2026 cutoff.

6. Annexes

They hold the operational detail: catalogs, formats, technical notes or lists. Many circulars amend only an annex, such as the RGRE lists or the surety market indices, and can still change a calculation.

7. Clarifying notes

They correct publication errors without issuing a new circular. 4/25 had one on May 8, 2026 to change a reference to a subsection in Annex 3.2.13-b. Look for them in the DOF before citing an annex.

Excerpt from Amending Circular 4/25, transitional provisions (English translation)

SECOND. This Amending Circular shall enter into force on July 1, 2026. THIRD. The Operational Risk Database referred to in Annex 3.2.13-b of this Amending Circular shall be submitted for the first time with a cutoff date of September 30, 2026 and with information from the entry into force of this Amending Circular.

Rule of thumb: read the transitional provisions and the annexes first, then the recitals and the articles last. That way you know from the outset whether the change binds you today, in six months or only from the next fiscal year.

Calendar of recurring regulatory obligations for actuaries

The table summarizes the CUSF deadlines in which the actuarial area of an insurance company takes part. Each deadline was verified against the text of the provision published by the CNSF on its portal; business days exclude weekends and the days the CNSF declares non-business days in Annexes 13.2.1 and 13.3.1. Mutual insurance companies, surety companies and pension insurers have variants, so always confirm in the provision cited.

Obligation	Frequency	Deadline	Legal basis
Quarterly
RR-3 Technical reserves: valuation summaries, reinsurance recoverables, data for IBNR and the RCS, documents signed by the valuing actuaries and catastrophe PML bases	Quarterly	15 business days after quarter end; for the fourth quarter, 20 business days after fiscal year end	CUSF 38.1.4
RR-4 Capital requirements: verification of the RCS determination	Quarterly	15 business days; fourth quarter, 20 business days	CUSF 38.1.5
RR-7 Financial statements: includes the Investment Base and Eligible Own Funds by tier against the RCS	Quarterly	15 business days; fourth quarter, 20 business days	CUSF 38.1.8
RR-6 Reinsurance and surety reinsurance: quarterly report and transactions with foreign reinsurers	Quarterly	15 business days; placement supporting documents, 30 business days	CUSF 38.1.7
RR-1 Corporate information	Quarterly	20 business days after the close of March, June, September and December	CUSF 38.1.2
Operational risk loss event database (from the September 30, 2026 cutoff)	Quarterly	20 business days; fourth quarter, 25 business days	CUSF 3.2.13 and Annex 3.2.13-a
Risk management function report to the board	At least quarterly	No deadline in days; overall exposure and by risk type, limits exceeded and measures taken	CUSF 3.2
Annual
Annual RR-3: policy by policy valuation of unexpired risks and surety bonds in force, methodological detail and backtesting	Annual	20 business days after fiscal year end	CUSF 38.1.4
Maximum retention limits and average collateral rating factor	Annual	20 business days after fiscal year end	CUSF 38.1.7
Report of the head of the actuarial function to the board and to senior management	Annual	During the first four months of the year; scanned copy to the CNSF in the RR-2	CUSF 3.5.6
Opinion letter on the condition and adequacy of technical reserves by the independent actuary	Annual	To the CNSF, 45 business days after year end (RR-7); to the audit committee, 90 calendar days after year end	CUSF 38.1.8 and Chapter 23.2
Engagement of the independent actuary and work program	Annual	Engagement no later than June 30 of the fiscal year under review; program to the CNSF no later than July 31	CUSF Chapter 23.2
RR-8 Statistical information (SESA) by operation and line of business	Annual and monthly	Annual, between 33 and 65 business days depending on the line (pensions 33, life 43, medical expenses 47, auto 65); monthly summary, 22 business days	CUSF 38.1.9
Solvency and Financial Condition Report (RSCF), published on the company's website	Annual	90 business days after fiscal year end	CUSF Chapter 24.2
RR-2 Corporate governance: ARSI (own risk and solvency assessment) with the Dynamic Solvency Test report, risk manual and actuarial function report	Annual	145 business days after fiscal year end	CUSF 38.1.3
Dynamic Solvency Test, signed by an actuary with a cédula profesional and current certification	At least annual	Its report is submitted within the RR-2	LISF 245 and 246; CUSF 7.2.1
Ongoing
Solvency Capital Requirement calculation	Monthly	Monthly calculation with the standard formula or an internal model; verification is reported in the RR-4	LISF 233

Outside the regulatory calendar, pension and benefits actuaries have their own dates: the annual NIF D-3 or IAS 19 valuation at fiscal year end and the UMA update every February, which changes caps and thresholds midway through the tax year.

Business day deadline calculator

Lab

When is my report due?

Choose the closing date and the deadline. The calculator counts business days starting the day after the close and excludes Saturdays, Sundays, the 2026 non-business days in Annex 13.2.1 and, if you check the box, the CNSF holiday period in Annex 13.3.1 (December 22, 2025 to January 6, 2026).

Closing date

Obligation

Business days

Exclude CNSF holidays

Estimated due date

Day of the week

Calendar days since the close

Weekday non-business days skipped

The international context on five fronts

Solvency II revised

Directive (EU) 2025/2 has been in force since January 2025 and must be transposed by January 29, 2027 at the latest. EIOPA has been working on secondary legislation ever since: in October 2025 it opened six consultations on technical standards and guidelines. For Mexico, which built the RCS on Solvency II logic, they offer an early view of the debates on the risk margin and proportionality. More in solvency and capital.

Group capital: the ICS

The IAIS adopted the Insurance Capital Standard on December 5, 2024 in Cape Town. In 2025 it approved the principles for assessing its implementation: jurisdictional self assessments in 2026 and assessments from 2027 onward.

IFRS 17 and IFRS 18

The IASB plans to discuss in the second half of 2026 when to start the post-implementation review of IFRS 17. IFRS 18, which replaces IAS 1 and creates mandatory subtotals in the income statement, applies to fiscal years beginning on or after January 1, 2027, and the European Union adopted it in February 2026.

Model actuarial standards

The IAA adopted ISAP 8 on IFRS S2 climate disclosures, published the educational note IAN 200 and put out for consultation the first revision of ISAP 1 since 2018. In October 2026 it also published a paper on professional considerations for actuaries working with artificial intelligence. See also actuarial standards in Mexico.

United States: reserves and reinsurance

The NAIC adopted AG 55 on asset adequacy testing for certain life reinsurance treaties and the 2026 Valuation Manual with a new economic scenario generator. The ASB revised ASOPs 7 and 20 on cash flow analysis, effective since June 2026. They affect reinsurers that work with US ceding companies; more in reinsurance.

Frequently asked questions

What is a CUSF amending circular and where is it published?

It is the instrument the CNSF uses to amend the Circular Única de Seguros y Fianzas (CUSF), the body of general rules that implements the LISF. It is numbered by year (for example, 4/25), published in the Diario Oficial de la Federación, and incorporated by the CNSF into the consolidated text on its LISF and CUSF portal, where it also keeps the log of updates. It may touch provisions, annexes or transitional provisions.

How are the developments in this monitor selected and how often is it updated?

We include every CUSF amending circular published in the period, CONSAR rules on investments and returns, legal reforms affecting the LISF, the LSS (Social Security Law), the ISSSTE Law or the LSAR, reference values such as the UMA and the minimum wage, CINIF standards and the international standards that affect actuarial practice. Each entry is verified against the official source it links to. The date of the last review appears on the page and in the monitor.json file.

What does the CUSF operational risk database change for actuaries?

Amending Circular 4/25 requires operational risk loss events to be recorded under a minimum catalog and submitted to the CNSF every quarter, 20 business days after the close or 25 for the fourth quarter, starting with the September 30, 2026 cutoff. Internal audit must verify the integrity of the database every year. For the actuarial function this means reconciling those losses with the accounting records, using them in PSD scenarios and anticipating that the CNSF will use them to recalibrate the RCS standard formula.

Why do the UMA and the minimum wage appear in an actuarial monitor?

Because they change liabilities. The minimum wage is the floor of the contribution base salary at the IMSS (Mexican Social Security Institute), and twice the minimum wage caps the salary used to compute the LFT (Federal Labor Law) seniority premium, a benefit valued under NIF D-3. The UMA serves as the unit for caps and thresholds in federal laws and in plan rules. In 2026 the general minimum wage rose 13.0% and the UMA 3.69%, a difference that compounds in long term projections.

Are the IAA ISAPs or the US ASOPs binding in Mexico?

Not on their own. ISAPs are model standards that the IAA offers for national standard setters to adopt, adapt or endorse; they bind no actuary until that happens. ASOPs govern the practice of actuaries in the United States. In Mexico, Chapter 4.3 of the CUSF covers actuarial standards of practice for technical notes and CONAC (Colegio Nacional de Actuarios) issues standards of practice; international standards serve as a technical reference and as a preview of what may be adopted.

How are business days counted for CNSF deadlines?

Saturdays, Sundays and the days the CNSF declares non-business days each year in Annex 13.2.1 of the CUSF are excluded; for 2026 they are January 1, February 2, March 16, April 2 and 3, May 1 and 5, September 16, November 2 and 16, and December 25. Annex 13.3.1 adds the Commission staff holiday period, during which deadlines do not run: December 22, 2025 to January 6, 2026. The calculator on this page applies both lists.

How to use this monitor

Developments from 2025 to October 2026

September 2026 3 developments

IFRS 17: EFRAG asks to defer the review of the annual cohort exemption until the IASB post-implementation review

IAA publishes International Actuarial Note 200 on applying IFRS S2

Net Return Indicators: new proportionality factors for assigning and reassigning accounts from 2027

August 2026 1 development

CINIF exposes the 2027 Improvements to NIF for comment

July 2026 1 development

Amending Circular 4/26: surety market ratios for the reserve for surety bonds in force

April 2026 2 developments

Amending Circular 3/26: new address of the Nuevo León Regional Office

Amending Circular 2/26: extension of agent and adjuster authorizations after the CNSF security incident

February 2026 3 developments

Net Return Indicators: 3 year informational horizon and weight of account registration in reassignment

Amending Circular 1/26: adjustment to the technical note for the constitutive amount of 1997 regime life annuities

The European Union adopts IFRS 18, mandatory from 2027

January 2026 4 developments

ASB revises ASOPs 7 and 20 on cash flow analysis, effective June 1, 2026

LSS and ISSSTE Law: amendment on substantive equality and gender perspective

UMA 2026: 117.31 pesos per day from February 1, 2026

NIF 2026 and the 2026 Sustainability Reporting Standards take effect

December 2025 3 developments

Amending Circulars 6/25 and 7/25: 2026 non-business days for companies and for the CNSF

Amending Circulars 8/25, 9/25 and 10/25: annual RGRE list in force from January 1, 2026

Minimum wage 2026: 315.04 pesos per day in the general zone and 440.87 on the northern border

November 2025 3 developments

IAA adopts ISAP 8 for actuarial services related to IFRS S2

Amendment to the LISF and the LSAR to align them with the National Code of Civil and Family Procedure

Investment regime: foreign currency limits for accumulation and decumulation, and FIBRAS in the Siefore Básica de Pensiones

October 2025 3 developments

Amending Circular 4/25: operational risk loss event database, risk appetite and risk tolerance

Amending Circulars 2/25 and 3/25: additions and changes to the register of foreign reinsurers and reinsurance intermediaries

EIOPA opens a new set of consultations stemming from the Solvency II review

September 2025 1 development

IAA puts the revision of ISAP 1, General Actuarial Practice, out for consultation

August 2025 2 developments

NAIC adopts Actuarial Guideline LV (AG 55) and the 2026 Valuation Manual with the new economic scenario generator

Amendments to the Siefore investment regime: state public enterprises and Annex S bis limits

July 2025 2 developments

New general financial provisions for the Retirement Savings Systems

IAIS approves the principles for assessing implementation of the Insurance Capital Standard

June 2025 2 developments

IMSS: pilot program rules to bring digital platform workers into the mandatory regime

CUSF Amending Circular 1/25: new statutory scenarios for the Dynamic Solvency Test

February 2025 1 development

Amendment to the Infonavit Law on socially oriented housing

January 2025 2 developments

UMA 2025: 113.14 pesos per day from February 1, 2025

Directive (EU) 2025/2: Solvency II review

Key takeaways of the period for actuaries

Operational risk stops being just a factor

Life annuities: the technical note is corrected

The gap widens again

The investment regime turns toward decumulation

How to read a CUSF amending circular

Calendar of recurring regulatory obligations for actuaries

Business day deadline calculator

When is my report due?

The international context on five fronts

Solvency II revised

Group capital: the ICS

IFRS 17 and IFRS 18

Model actuarial standards

United States: reserves and reinsurance

Frequently asked questions

Further reading