Non-life insurers admitted assets criteria

Premiums due from the Government of the Philippines, its political subdivisions, and instrumentalities are considered admitted assets.
Includes government-owned or controlled corporations acting as insured, general agents, insurance brokers, mortgagees, or trustees.
When a government entity acts as trustee, the insurance company must present proof that the premiums are held in trust on behalf of the company.

Includes premiums receivable from direct sources, agents, general agents, and insurance brokers.
Applies only to policies within the first 90 days from their inception as of the cut-off date.
Requires supporting documents such as an aging schedule with detailed policy-by-policy information.
Copies of policies and relevant documents must be available for examiner verification.
Receivables not verified by examiners shall be disallowed.

Covers marine hull insurance premiums subject to a Deferred Premiums Clause "I" payable in four quarterly installments.
Only installments due within 90 days from the cut-off date are considered admitted assets.
Also includes all installments not yet due as of the cut-off date.
Receivables must be supported by an aging schedule showing policy details.
Policies and other pertinent documents must be available to examiners for verification.
Unverified accounts will be disallowed.
No transactions dated after the cut-off date will be allowed henceforth.

This circular supersedes the previous Circular Letter dated November 20, 1981.
Applies to examinations/verifications of the financial condition of non-life insurance companies from December 31, 1993, onward.

Issued by the Insurance Commission of the Philippines.
Adopted and signed by Insurance Commissioner Adelita A. Vergel De Dios on December 12, 1994.