Covered Entities and Scope
- The directive applies to PAMI, SCCI, and all lead insurance companies participating in the Public Utility Motor Vehicle (PPAI) insurance program.
- These companies are mandated to comply with the submission of monthly reports containing specific financial and operational data.
Content of Monthly Reports
- Reports must include the following components:
- (a) Total Premiums Received:
- Type of unit or vehicle insured
- Number of units/vehicles insured by type
- Basic premiums collected and applicable taxes, itemized per type of unit or vehicle
- (b) Total Benefits or Claims Paid:
- Type of unit or vehicle involved in claims
- Number of incidents per unit/vehicle, categorized by type of claims or benefits
- Actual count and amount paid per type of claim or benefit
- (c) Interim/Monthly Financial Statements:
- Actual operating revenues earned
- Expenses incurred by PAMI, SCCI, and lead insurance companies
- (a) Total Premiums Received:
Format and Submission Procedure
- Reports must be submitted in both hard copy and electronic format.
- Electronic copies should be provided on Compact Discs or flash drives in Excel or spreadsheet form.
- The deadline for submission is the 15th day of the month following the reporting month.
Compliance and Penalties
- Non-compliance with the reporting requirement will subject companies, their officers, or agents to administrative and disciplinary sanctions.
- Sanctions will be applied pursuant to Sections 253 and 438 of the Amended Insurance Code (R.A. 10607).
Legal Authority and Enforcement
- The directive is formalized under the signature of the Insurance Commissioner, Emmanuel F. Dooc, dated 28 February 2014.
- The filing date of this circular letter is 31 March 2014, ensuring legal effect and enforceability.