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Republic of the Philip,pines Ilead OfEcc:

Department of Finance P. O. Box3589 Manila
INSURANCE COMMISSION FAXNo.522-l+34
1071 Unitei Nations Avenue Tel. Nos" 523-84411070
Manila E-mail : oic@i-manila.com.ph

IuIy ZZ, 2002

CIRCULAR LHTTER No. 12-2002

.-:. {

TO: All InsFrance companieslReinsurance Brokers Licensed To Do

Business in the philippines

Subiect: Documents Requiretl of Insurance companieqlReinsurance

Brrckerc tq Accompany Reqtrests ^for the ietifications to be
issued hy the rnsurance commission relativ€ to Foreign.Exchange
Applications for Remittance of Net profits, Reinsurance prcmia
and Payment of. Loss claims anrl submission of ll{onthly
Statement'of Foreign Excliange Receipts .i .

For easv teference, this circular letter puts together the required
-
.docurnents that should accompany ".uqr""i" for certifications relative to
application for foreigrr exchange iemittances, some of which have already l +i
been .i
stated in Circular Letter No.3-2001 as amenclecl by Circular Letter
No. 3-20014
and the'fotms il Circular Letter No. 4-2001 as amencled by Circutar Letter I
No. 4-.
2001-A rl
I

I
Net Profits of bra'ches of foreign authorized i,surance conrpa,ies- l
't

l
1. swotn statement of theoauthorized officer of the applicant
.company attesting,.that'the remittance sl-rall be fr-om net
profits to be remaining on hancl after retaining unimpaired
the followi,g requireurents of the Insurance Cocle. I

a. The statutory cleposit '

b. The margin of solvency and
The legal reserve fund

and a sum sufficie,i to pay all net rosses reported or i, the

andill liabilities for expinses and taxes.
course of settlement
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2. Copy of the htbst auditecL financial statement of the

applicant

IL Reinsurance Prenria-
it
1. Copy of the statement'bf Reinsurance Account prepared by
the apprlicant.

) Particulars of treatylfacultative placement covering the

rerrittance.

3. Notice of dennnd and/or statement of reinsurance premiurrr

due given or prepared bv the beneficiarw. z

4. Slt'orn statement of a ,responsible official of the applicant

certi{ving that itl had withheld the requlred taxes in
accordance r,rrith thb hrtbrnal Revenue rules and regulations.

5. A written authorizatioo ro remit premia issuecl by the ceding

insurance corlpany in favor of a resident reinsurance broker,
in case the latter is appllring for or in behalf of said
companv.

6. Copy of the i*orurl.* policv in case of facultative

placements.

III. Payment of Claims for Losses-

L. As reinsurer:

a. Copy of the notice of demand or statement of account

b. Particirlars of Eeaty/facultative frlacement
c. Copy of the marine hull/cargo policy and survev
report in casb of marine loss claims,

2. As direct writer forfaonhr denominated policies:

a. Copy of notice of claim of assured

b. Final report of licensed adjuster dulv notarized
C. True copv of insurance policv
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IV. For all other cases of insurance and/or reins,rance payments-

All' pertinent , cl[cuments to establish the

legitimacy/accuracy of the amount sought to be remitted.

any of the above cases, the following should likewise be

subndtted:

1. of the,appropriate Bangko Sentral ng pilipinas

C_opy
(BSP) application form for the purchase of foieign
exchange, duly
-,I
accomplished and notarized.
.,
Cerffication of ' an independent certified public
accountant in accordance with Circular Letter clatecl
February L0,'L97'5 of this Commission.
4

V' A11 concernecl insurance companies ancl reinsurance companies are

likervise requjred to accomplish the enclosed form of Statement of
Foreign Exchange Receiptd and'submit the same duly accomplishetl
n'ithin fifteen (15) days follow,ihg the covered month.

No certification for p:urghase of foreign exchange for remittance abroad

shall lre issued by this Commission and'no trlutv agreements shall be
referrecl to
the BSP for action udess the foregoing id firsi compile.i with.
,,lri

All circular letters inconsistent herewiih are hereby repealed.

LrroorKrrNrs
lnsurance Comrrrissioner
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