Inclusion of the Actuarial Reserve Liabilities as Determined by the SEC Accredited Actuary in the Year End Audited Financial Statements
SEC-BED Memorandum Circular No. 06-98 • Securities and Exchange Commission Departments • Markets and Securities Regulation Department (MSRD) • Dec 11, 1998
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December 11, 1998 SEC-BED * MEMORANDUM CIRCULAR NO. 06-98 TO : All Pre-need Companies SUBJECT : Inclusion of the Actuarial Reserve Liabilities as Determined by the SEC Accredited Actuary in the Year End Audited Financial Statements To properly reflect the correct amount of liabilities as of the end of the fiscal year, the actuarial reserve liabilities presented in the audited financial statements should be the amount shown in the Actuarial Report duly certified by the SEC accredited actuary. The audited financial statements which shall be submitted within 105 days after the end of the company's fiscal year shall consist of the Balance Sheet, Income Statement and Cash Flow Statement and shall be accompanied by the Actuarial Report and Trust Fund Statement. Supporting list of fully paid plans (availing and not availing) and active plans shall be submitted directly to the Brokers and Exchanges Department. LexLib This circular amends SEC-BED Circular No. 6, series of 1994 in so far as the date of the submission of the Actuarial Valuation Report duly certified by a SEC accredited actuary is concerned. For strict compliance. (SGD.) FE ELOISA C. GLORIA Officer-in-Charge
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