IC Circular Letter No. 2015-09

: The consolidated report must be submitted monthly, within fifteen (15) days following the reporting month.
: A company officer with a rank of General Manager, Department Manager, or higher must certify the report.
: The reporting format became effective starting March 2015 and thereafter.
: Applications must be supported by a sworn statement of the authorized officer attesting that the remittances shall be from net profits remaining after satisfying the Insurance Code requirements, and a copy of the latest audited financial statements of the applicant company.
: The requirements include: Statutory deposit, Risk-based capital, Full policy reserve funds including loss reserves, and liabilities for expenses and taxes.
: All inconsistent issuances are revoked.
: The circular enjoins prompt submission of reports to avoid penalties.
: The text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
: The circular concerns the consolidated reporting on foreign exchange receipts and remittances relative to reinsurance transactions and the procedures for remittances abroad of net profits or dividends.