1. Consolidated Report on Foreign Exchange Receipts and Remittances Relative to Reinsurance Transactions 2. Remittances Abroad of Net Profits or Dividends

March 13, 2015 INSURANCE CIRCULAR LETTER NO. 009-15 TO : All Insurance/Reinsurance Companies and Brokers Doing Business in the Philippines SUBJECT : 1. Consolidated Report on Foreign Exchange Receipts and Remittances Relative to Reinsurance Transactions 2. Remittances Abroad of Net Profits or Dividends 1. 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. 2. Prompt submission of reports is enjoined to avoid penalty. 3. Applications for remittances abroad of net profits or dividends must be supported by the following documents. a. 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: i. Statutory deposit ii. Risk-based capital iii. Full policy reserve funds inclusive of loss reserves and liabilities for expenses and taxes b. Copy of the latest audited financial statements of the applicant company. 4. All issuances inconsistent herewith are hereby revoked. cSTDIC For strict compliance. (SGD.) EMMANUEL F. DOOC Insurance Commissioner ANNEX A Name of Company/Broker ___________________ Statement of Foreign Exchange Receipts For the Month of ______________ Date of Receipt Name of Paying Risk Amount Received Peso Equivalent if Purpose Unauthorized Classification in Actual Currency Received in Foreign (i.e., Premium, Loss Foreign (i.e., Fire, Marine, Used Currency Recovery, others) Reinsurer/Broker Eng'g., etc.) _____________ _______________ _______________ ________________ ________________ __________________ _____________ _______________ _______________ ________________ ________________ __________________ _____________ _______________ _______________ ________________ ________________ __________________ _____________ _______________ _______________ ________________ ________________ __________________ _____________ _______________ _______________ ________________ ________________ __________________ _____________ _______________ _______________ ________________ ________________ __________________ I certify to the correctness and accuracy of the foregoing data. _______________________________ Signature over Printed Name Position in the Company