Reporting of COCs in Annual Statement

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IC CIRCULAR LETTER NO. 16-2004: Reporting of COCs in Annual Statement

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Title Supreme Court: Reporting of COCs in Annual Statement

Law: Ic Circular Letter No. 16-2004

Decision Date: Aug 2, 2004

Starting in 2004, non-life insurance companies must include the number of Certificates of Covers issued under CMVL-LTO and CMVL-NON-LTO in their Annual Statement's Recapitulation 1 for Premiums Written and Earned, as mandated by Insurance Commissioner Benjamin S. Santos.

administrative law

annual statement

Coverage and who must report

Non-life companies are required to report in the Annual Statement.
The reporting obligation applies starting with the year 2004.

What must be reported in Annual Statement

Non-life companies must report in the Annual Statement under Recapitulation 1 - Premiums Written and Premiums Earned.
Non-life companies must report the number of COCs issued under CMVL-LTO and CMVL-NON-LTO.
A separate column is added in Recapitulation 1 for this reporting, as indicated in the attached form.

Where and how to reflect the reporting

The reporting must be made in the Annual Statement, specifically in Recapitulation 1.
The new separate column in Recapitulation 1 is used to reflect the number of COCs issued under CMVL-LTO and CMVL-NON-LTO.
The format for the column is governed by the attached form.

Compliance mandate

Non-life companies are enjoined to comply with the reporting requirement.
The Circular Letter directs strict compliance by non-life companies.

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