IC issues Guidelines on Electronic Submission of 2022 Annual Statements, Audited Financial Statements, Attachments
On April 14, 2023, the Insurance Commission released Circular Letters to guide stakeholders in the electronic submission of 2022 Annual Statements (AS), Audited Financial Statements (AFS), and attachments.
Circular Letter No. 2023-14, pursuant to Section 413 of Rep. Act No. 10607 or the Amended Insurance Code, instructs all Mutual Benefit Associations (MBAs) authorized to do business in the Philippines to submit annually, on or before the 30th of April each year, an AS signed and sworn to by the President, Secretary, Treasurer, and Actuary of each MBA, showing the exact condition of its affairs on the preceding 31st of December. Aside from the requirements and the manner of submission, the CL also provides for the deadline of compliance that is on or before May 2, 2022 at 4:00 PM. Delays in the submission, and every wrong data entry of material information or figure, may be penalized.
Circular Letter No. 2023-15, pursuant to Sec. 229 of the Amended Insurance Code, guides all life and composite insurance companies authorized to do business in the Philippines to submit annually, on or before the 30th of April each year, an AS signed and sworn to by the President, Secretary, Treasurer, and Actuary of the respective company, showing the exact condition of its affairs on the preceding 31st of December. Aside from the requirements and the manner of submission, the CL also states that the AS, AFS, and attachments shall be submitted on or before May 2, 2022 at 4:00 PM. Delays in the submission, and every wrong data entry of material information or figure, may be penalized.
Circular Letter No. 2023-16, pursuant to Sec. 229 of the Amended Insurance Code, directs all non-life insurance and professional reinsurance companies authorized to do business in the Philippines to submit annually, on or before the 30th day of April each year, an AS signed and sworn to by the President, Secretary, Treasurer and Actuary of the respective companies, showing the exact condition of its affairs on the preceding 31st of December. Aside from the requirements and the manner of submission, the CL provides that the AS, AFS, and attachments may be submitted on or before May 3, 2022, at 4:00 PM.
To read the circular letters in full, please refer to the following links: