Additional Admitted Assets
Insurance Circular Letter No. 006-12 • Other Rules and Procedures • Insurance Commission • Feb 15, 2012
Full text
February 15, 2012 INSURANCE CIRCULAR LETTER NO. 006-12 TO : All Insurance Companies, Mutual Benefit Associations and Cooperative Insurance Societies Doing Business and Operating in the Philippines SUBJECT : Additional Admitted Assets The following assets may be considered admitted for entities that have microinsurance operations: 1. Cash representing collected microinsurance premiums that are deposited with cooperative banks, rural banks and/or thrift banks not to exceed P500,000.00 plus whichever is lower of 25% of the paid in capital of the depository bank or 25% of the total deposits of the microinsurance provider in the depository bank. 2. Deposits in transit of microinsurance premiums collected within 31 calendar days from financial date. Please be guided accordingly. (SGD.) EMMANUEL F. DOOC Insurance Commissioner
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