Requirements for New Application
- Submission of a notarized and authenticated power of attorney granting authority to receive legal notices and processes on behalf of the foreign insurer or broker.
- Presentation of a certified true copy of the principal foreign insurer's or broker's certificate of authority, license, or registration from the insurance supervisory body where the entity is domiciled.
- Providing audited financial statements of the principal for the last three years to demonstrate financial stability.
- Submission of the Income Tax Return or a verified copy thereof for the resident agent, whether individual or corporate.
Requirements for Renewal of Registration
- Presentation of the original Certificate of Registration.
- Submission of the principal's audited financial statements for the preceding year.
- Presentation of a renewed certificate of authority, license, or registration of the principal duly certified by the foreign insurance supervisory authority.
- Submission of the resident agent's Income Tax Return or verified copy for the relevant renewal period.
Legal Formalities and Certifications
- Power of attorney must be notarized and authenticated by the Philippine Consul in the principal's domicile.
- Certification of principal's authority documents by relevant foreign insurance supervisory authorities ensures legitimacy of business operations.
Supersession and Effectivity
- This circular repeals Insurance Memorandum Circular No. 1-91 dated April 15, 1991.
- Enforced with effectivity from September 17, 1992.
Authority and Signatories
- Issued by the Insurance Commissioner, Adelita A. Vergel De Dios.
- Endorsed by the Secretary of Finance, Ramon Del Rosario, Jr., confirming official government approval and implementation.