IC Circular Letter No. 2015-09, March 13, 2015

[ IC Circular Letter No. 2015-09, March 13, 2015 ]

(1) CONSOLIDATED REPORT ON FOREIGN EXCHANGE RECEIPTS AND REMITTANCES RELATIVE TO REINSURANCE TRANSACTIONS; (2) REMITTANCES ABROAD OF NET PROFITS OR DIVIDENDS

Adopted: 13 March 2015 Date Filed: 17 March 2015

A monthly consolidated report on foreign exchange receipts and remittances is hereby required following the attached format as shown in Annexes [*] A & B. Said consolidated report must be submitted within fifteen (15) days following the reporting month and duly certified to as to correctness and completeness by a company officer with a rank of General Manager/ Department Manager or higher. This reporting format shall be effective March 2015 and thereafter.

Prompt submission of reports is enjoined to avoid penalty.

Applications for remittances abroad of net profits or dividends must be supported by the following documents.

Sworn statement of the authorized officer of the applicant company attesting to the fact that the remittances shall be from net profits remaining on hand after satisfying the following requirements of the Insurance Code:

Statutory deposit

Risk-based capital

Full policy reserve funds inclusive of loss reserves and liabilities for expenses and taxes

Copy of the latest audited financial statements of the applicant company.

All issuances inconsistent herewith are hereby revoked.

For strict compliance.

(SGD) EMMANUEL F. DOOC Insurance Commissioner

[*] Text Available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.