Dear All,
Last April 25, 2018, the Insurance Commission (IC) issued a supplement to Circular Letter (CL) 2017-31 on the
Filing of Audited Financial Statements through the issuance CL 2018-29.
The following are the list of additional documents to be submitted to IC in addition to the documents provided in CL 2017-31 particularly “Annex A ”:
- Errors and Omissions Policies;
- Certificate of Authority or Licenses;
- List of Insurance Companies with existing Brokers Agreement signed by the authorized officer;
- Breakdown/computation/schedule of fluctuation reserve – bonds;
- Premium Receivable/Due from Reinsurers – Inception date, amount of premiums receivable and official receipt/acknowledgment receipt number as additional information on the schedule of collection of within 90 and over 90 days due premium receivable/due from reinsurers;
- Proof of collection of within 90 and over 90 days due such as official/acknowledgement receipt, banks
validated deposit slips, passbook/bank statements and proof of remittances such as official/acknowledgement receipts from insurance companies including direct payment in sequence based
on the schedule of collection with legend; - Commission Receivable – Inception date, amount of commission receivable and official receipt number as additional information on the schedule of collection of within 90 and over 90 days due commission receivable;
- Proof of collection of within 90 and over 90 days due commission receivable such as VAT official
receipts in sequence based on the schedule of collection with legend; - Premiums Payable/Due to Insurers/Reinsurers – Inclusion of inception date, amount of premiums payable and official receipt/acknowledgement receipt number as additional information on the schedule of collection of within 90 and over 90 days due premiums payable/due to insurers/reinsurers;
- Schedule of Direct Remittances of within 90 and over 90 days due with the following information:
- Name of the Insurance Company
- Name of Assured
- Policy Number
- Inception Date
- Amount of Premiums Receivable
- Amount of Commission Payable
- Amount Remitted
- Date Remitted
- Official Receipt/Acknowledgement Receipt No.
- Proof of remittances including direct remittances of within 90 and over 90 days due payables such as
official receipts/acknowledgment receipts from insurance companies in sequence based on the schedule of
remittances with legend; - Stockholders ’ Equity – List of stockholders together with the number of Shares; and
- Board Resolution for Appropriated Retained Earnings;
Failure to submit the necessary documents within the prescribed deadline shall cause the imposition of penalty of P5,000 per day of delay.
Please see attached PDF copy of IC CL 2018-29 for client ’s information and for your further reading.