Filing of 2009 Audited Financial Statements
Insurance Circular Letter No. 08-10 • Other Rules and Procedures • Insurance Commission • Mar 1, 2010
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March 1, 2010 INSURANCE CIRCULAR LETTER NO. 08-10 TO : All Insurance and Reinsurance Brokers SUBJECT : Filing of 2009 Audited Financial Statements As part of the overall requirements for renewal of Certificates of Authority, the 2009 Audited Financial Statements together with the items enumerated in Annex A hereof must be submitted not later than May 31, 2010. Please submit the requirements promptly to avoid penalty. For strict compliance. (SGD.) SANTIAGO JAVIER RAADA Insurance Commissioner ANNEX A __________________________________ Name of Insurance/Reinsurance Broker For the Year Ended December 31, 2009 Attachments to the Audited Financial Statements Remarks of Insurance and Reinsurance Brokers 1. Certification of IC-accredited auditor ____________ 2. Adjusted Trial Balance as of December 31, 2009 ____________ 3. Statement of Business Done ____________ 4. Schedule of the following accounts: ____________ a. Cash on Hand and in Banks ____________ b. Investment in Bonds and Treasury Bills ____________ c. Investment in Stocks ____________ d. Real Estate Owned ____________ e. Premium Receivable/Due from Reinsurers with aging of accounts ____________ f. Commissions Receivable with aging of accounts ____________ g. Accounts Receivable ____________ h. Due to Insurers/Due to Reinsurers per principal-with aging of accounts ____________ i. Accounts/Notes Payable ____________ j. Advances to/from Officers and Stockholders ____________ k. Mortgage Loan Receivable/Payable and other loan accounts ____________ 1. EDP Equipment ____________ m. Taxes Payable ____________ 5. Confirmation of sales of investments in bonds and/or treasury bills ____________ 6. Passbook and bank statements as of December 31, 2009 and January 31, 2009 together with the bank reconciliation statements ____________ 7. Certificates of time deposits as of December 31, 2009 and proof of roll-over thereof, if applicable ____________ 8. Proof of ownership of investments in stocks and real estate ____________ 9. Official receipts and deposit slips for deposit in transit, if applicable ____________ 10. Schedule of outstanding checks, if applicable ____________ 11. Proof of collection and remittance ____________ 12. Confirmation of receivable/payable accounts P300,000.00 and above ____________ 13. Documents to support loans receivable/payable accounts ____________ 14. Sales invoices and official receipts to support purchases of EDP equipment during the year ____________ 15. Proof of payment of taxes ____________ 16. Others ____________ Submitted by: ______________________________ Signature over Printed Name and Designation of Responsible Officer
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