o U

Republic of the Philippines Head Olfcc:

Department of Finance P. O. Box3589 Manite

INSLJRANCE COMn/fl SSION FA)(No.522-l+31

1(I7 1 United Nations Avenue Tel. Nor. 523-8441to70
Manilr E-mail: oic@i-manila.com.ph

February 26,200t

CIRCULAR LETTER NO. 2-2OOI

TO ALL INSTIRANCE COMPANIES LICENSED

TO DO BUSINESS IN TIIE PHILIPPIXIES
SUBJECT : INTEREST INCOME DUE TIIE CONTRIBTJTIONS TO
THE SECTIRITY F'UND LIF'E AND NON-LIF'E ACCOUNTS

Further.to our Circular Letter No. 1-2001 dated January 12,2001please be advised
that the rates for the accruod interest income net of administrative ekpenses per the
approved COA-MBM-MOF Joint Circular No. l-87 dated January l,
1987 on the
reassessed contributions to the Security Fund Accbunts for the year 2000, are as follows :

FOR LIFE INSTJRANCE COMPAMES 7.60441230/o

F'OR NON-LIF'E INSURANCE COMPANIES 7.65959960/o

' The following are the rates of income for investment of 1999 interest income
earned in the year 2000 :

FOR LIFE INSTIRANCE COMPANIES 0.O098214o/o

F'OR NON-LIFE INSURANCE COMPANIES 0.01019139/0

The aforesaid accrued interest income shall be reflected in your tinancial

statements as of December 31, 2000.

The corresponding interest income due from the Security Fund contribution shall
be reinvested in GoverffIient 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 reqularly of income elrned out of said reinvestments.
ta

EDUARD,K*r*r
Insurance Commissioner