Guidelines on Requests for Financial Documents of Regulated Entities

July 5, 2018

INSURANCE CIRCULAR LETTER NO. 2018-37

Supersedes: None

 

WHEREAS, Sec. 229 of the Insurance Code of the Philippines, as amended by Republic Act No. 10607, requires every insurance company doing business in the Philippines to submit an Annual Statement on or before the thirtieth day of April of each year;

WHEREAS, Sec. 42 of the Pre-Need Code of the Philippines requires all pre-need companies to submit Annual Financial Statements signed and sworn to by its Chief Executive Officer and External Auditors showing the exact condition of the company's affairs wherein an Audited Financial Statement duly received by the Bureau of Internal Revenue is required to be attached;

WHEREAS, IC Circular Letter No. 2016-41 dated 29 July 2016 requires all Health Maintenance Organizations to submit Audited Financial Statement duly received by the Bureau of Internal Revenue on or before the 31st day of May of each year;

WHEREAS, Executive Order No. 2, Series of 2016, issued by the Office of the President operationalizes the people's right to information and full public disclosure and transparency in the Public Sector;

WHEREAS, Memorandum Circular No. 44 dated 04 May 2018 issued by the Office of the President mandated all government agencies performing frontline service to respond to all public requests and concerns within fifteen (15) days from receipt of such request or concern; CScaDH

WHEREAS, in order to clarify and properly implement the aforementioned laws and regulations, there is need to determine the availability for public consumption of the financial documents of the regulated entities of the Insurance Commission;

NOW, THEREFORE, by the powers vested in me, the following rules are hereby issued and promulgated:

1. Audited Financial Statements of regulated entities of this Commission are considered public documents and are available upon request in accordance with the Freedom of Information (FOI) Manual of this Commission, except when:

a. The verification of the subject Audited Financial Statement being conducted by the Financial Services Group of this Commission has yet to be completed; or

b. Upon completion of the verification, the concerned regulated entity has disputed or sought reconsideration of the result of the verification.

2. Annual Statements of the regulated entities of this Commission are considered public documents and are available upon request in accordance with the Freedom of Information Manual of this Commission, except when there is no approved synopsis by this Commission in accordance with Section 229 of the Insurance Code of the Philippines, as amended by Republic Act No. 10607 and Section 44 of the Pre-Need Code of the Philippines.

3. Unaudited/Interim/Quarterly Financial Statements submitted by regulated entities of this Commission are considered public documents and are available upon request in accordance with the FOI Manual of this Commission with remarks that the same are unofficial and unverified financial statements. aHSTID

4. Documents submitted to this Commission as attachments or are required as a reportorial requirement but are primarily submitted to other government agencies (i.e., General Information Sheet, Income Tax Return, etc.) are not covered by this Circular. Such documents should be requested with the primary government agency tasked with the collection of such information.

5. In accordance with the FOI Manual of this Commission, requests for copies of the aforementioned financial documents should be requested with the Records Section of this Commission subject to the submission of the following requirements, to wit:

a. Written Request; or

b. Duly accomplished Request Form;

c. Valid Identification Card of Requesting Party; and,

d. Letter of Authorization and Valid Identification Card, if made through a representative.

6. Fees for reproduction apply in accordance IC Circular Letter No. 2014-15 dated 15 May 2014.

For strict implementation.

(SGD.) DENNIS B. FUNAInsurance Commissioner