Question & AnswerQ&A (IC CIRCULAR LETTER NO. 2014-06)
The Insurance Commissioner has administrative authority over insurance companies pursuant to Section 437(k) and (l) in relation to Section 253 of the Amended Insurance Code (R.A. 10607).
PAMI, SCCI, and all lead insurance companies participating in the PPAI program are required to submit monthly reports to the Insurance Commission.
The reports serve as a basis for the regular review of premium rates and to determine whether any adjustment thereof is warranted.
The reports must include the type of unit/vehicle, number of units/vehicles insured per type, and basic premiums received/collected along with taxes collected per type of unit/vehicle insured.
The reports must state the type of unit/vehicle, number of incidents per unit/vehicle per type of claim or benefit paid, and the actual count and amount of benefits or claims paid per type of claim or benefit.
Interim or monthly financial statements showing actual operating revenues earned and expenses incurred by the reporting insurance companies must be included.
Reports must be submitted both in hard copy and in excel/spreadsheet format, through Compact Discs or flash drives.
The reports must be submitted every 15th day of the following month.
Non-compliant companies, officers, or agents shall be subject to administrative and disciplinary sanctions under Sections 253 and 438 of R.A. 10607.
The Land Transportation Franchising and Regulatory Board (LTFRB) cooperates with the Insurance Commission.