Guidelines in the Submission of Quarterly and Annual Reports for the Compilation of the Other Financial Corporations Survey

August 11, 2017

INSURANCE CIRCULAR LETTER NO. 2017-40

Amends/Supersedes: None

 

WHEREAS, the International Monetary Fund (IMF) established the Special Data Dissemination Standard Plus in 2012 which is the third (3rd) tier of the IMF's data standards;

WHEREAS, the IMF provided technical assistance to the Bangko Sentral ng Pilipinas (BSP) to expand its financial sector database by including the generation and reporting of Other Financial Corporations Survey (OFCS) from non-bank financial institutions or the other financial corporations (OFCs) sub-sector;

WHEREAS, this additional reporting requirement must be fully observed for the Philippines to remain in the IMF's list of countries that meet the tests of good statistical citizenship;

WHEREAS, OFCS is an analytical survey that provides a comprehensive measure of the claims (assets) and funding sources (liabilities) of OFCs;

WHEREAS, life insurance, non-life insurance and pre-need companies were classified as OFCs;

WHEREAS, this Commission entered into a Memorandum of Agreement with the BSP, the Securities and Exchange Commission, and the Governance Commission for Government-Owned or -Controlled Corporations wherein the parties agreed to collect data from the OFCs under each parties' respective supervisory and regulatory jurisdictions; TAIaHE

WHEREAS, as part of this statistical undertaking, this Commission, in coordination with the BSP, developed three (3) sets of reporting templates for life insurance, non-life insurance and pre-need companies that will facilitate the consolidation and analysis of the OFCS;

WHEREAS, in order to meet the additional reporting requirement of the IMF, there is a need to promulgate a guideline for the quarterly and annual submission of OFCS by insurance and pre-need companies using the above-mentioned sets of reporting templates;

WHEREAS, pursuant to the authority of the Insurance Commission under Section 437 of the Insurance Code, as amended by Republic Act No. 10607 and Section 6 of Republic Act No. 9829 or the Pre-Need Code of the Philippines, the "Guidelines on the Submission of Quarterly and Annual Reports for the Compilation of the OFCS" are hereby promulgated:

1. All insurance and pre-need companies are hereby enjoined to submit their respective annual and quarterly reports using the reporting templates and accompanied by a Statement of Changes in Equity and a certification by a responsible officer with a rank of at least Vice-President.

2. The reporting templates for life insurance, non-life insurance and pre-need companies are herein attached as Annexes "A", "B" and "C", respectively. The Guidelines in accomplishing the reporting templates is likewise herein attached as Annex "D".

3. All submissions should be made in excel format and sent directly to the Statistics and Research Division of this Commission through e-mail at [email protected], copy furnished the BSP through e-mail at [email protected] within the following deadlines:

Report	Deadline of Submission
Audited Annual Report for 2012-2016	On or before August 31, 2017
For 2017
Unaudited Quarterly Report-1st Quarter	On or before September 15, 2017
Unaudited Quarterly Report-2nd Quarter	On or before October 15, 2017
Unaudited Quarterly Report-3rd Quarter	On or before November 30, 2017
Unaudited Quarterly Report-4th Quarter	On or before February 25, 2018
Audited Annual Report for 2017	On or before April 30, 2018
For 2018 and succeeding years
Unaudited Quarterly Report-1st Quarter	On or before May 31 of every year
Unaudited Quarterly Report-2nd Quarter	On or before August 31 of every year
Unaudited Quarterly Report-3rd Quarter	On or before November 30 of every year
Unaudited Quarterly Report-4th Quarter	On or before February 25 of the following year
Audited Annual Report	On or before April 30 of the following year

The penalty for late filing shall be Five Thousand Pesos (P5,000.00) for each day of delay and Five Hundred Pesos (P500.00) for every wrong data entry of material information. cDHAES

For strict compliance.

(SGD.) DENNIS B. FUNAInsurance Commissioner