Documentation Requirements for Remittance of Net Profits or Dividends Abroad
- Applicants seeking approval to remit net profits or dividends abroad must file specific supporting documents:
- A sworn statement by an authorized company officer affirming that the remittances will be made only from net profits remaining after compliance with the following Insurance Code requirements:
- Statutory deposit
- Risk-based capital
- Full policy reserve funds, which include loss reserves and liabilities for expenses and taxes
- A copy of the applicant company's latest audited financial statements.
- A sworn statement by an authorized company officer affirming that the remittances will be made only from net profits remaining after compliance with the following Insurance Code requirements:
Revocation of Inconsistent Issuances
- All previous issuances that conflict with the provisions of this circular are revoked.
Administrative Authority and Compliance
- The Insurance Commissioner, Emmanuel F. Dooc, officially issued the circular.
- The circular mandates strict compliance to ensure legal conformity and operational transparency.
Location of Official Text
- The complete text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.