IC CIRCULAR LETTER NO. 3-2000, May 03, 2000

[ IC CIRCULAR LETTER NO. 3-2000, May 03, 2000 ]

INTEREST INCOME DUE THE CONTRIBUTIONS TO THE SECURITY-FUND LIFE AND NON-LIFE ACCOUNTS

Further to our Circular Letter No. 2-2000 dated January 11, 2000 please be advised that the rates for the accrued interest income net of administrative expenses per the approved COA-MBM-MOF Joint Circular No. 1-87 dated January 1, 1987 on the reassessed contributions to the Security Fund Accounts to be reflected in your financial statements as of December 31, 1999, are as follows:

FOR LIFE INSURANCE COMPANIES 8.6413276%

FOR NON-LIFE INSURANCE COMPANIES 9.0553075%

The corresponding interest income due from the Security Fund contributions shall henceforth be reinvested in Government Securities for the accounts of Security Fund, Life and Non-Life insurance companies, and deposited with the Bureau of the Treasury.

You will be advised regularly of income earned out of said reinvestment

Adopted: 03 May 2000

(SGD.) EDUARDO T. MALINIS

Insurance Commissioner