Accounting Alert

This Accounting Alert is issued to circulate Insurance Commission (IC) Circular Letter (CL) 2021-17 dated March 16, 2021 and IC CL 2021-19 dated March 18, 2021, referred to herein as Circulars.

Introduction

The Amended lnsurance Code of the Philippines directs all Life lnsurance Companies, Life Units of Composite lnsurance Companies and Mutual Benefit Associations authorized to do business in the Philippines to submit annually on or before the 30th day of April of each year, an Annual Statement, in a form and with details prescribed by the IC, showing the exact condition of their affairs on the preceding 31st day of December, in accordance with the financial reporting framework as determined by the IC.

lC CL No. 2020-59 dated 14 May 2020 directs the above-mentioned companies to submit their Annual Statement, audited financial statements and attachments through electronic means. In view of such, the IC has issued IC CL No. 2021-17 and IC CL 2021-19 to promulgate the online submission of the Annual Report through the IC’s Online Uploading Portal.

Online Submission

• all annual statements and the corresponding attachments referred to in CL 2021-17 and CL 2021-19 shall be submitted only through the Online Uploading Portal (Portal) of the IC on https://onuploading.insurance.gov.ph/templates/login.
• attachments shall be arranged numerically in subfolders according to item numbers

Notwithstanding the submission of Annual Statements, audited financial statements, and attachments thereto, the lC may require the covered companies to submit the original hard copy of the electronically submitted documents for examination.

General Requirements

The following requirements shall be submitted:

1. Soft copy of the Annual Statements using the revised template attached in Annex B of the Circulars.
2. Scanned copy of the notarized sworn statement duly signed by the President, Chief Operating Officer/General Manager, Secretary,

Treasurer, Actuary and Chief Accountant with attached P30.00-worth of documentary stamp.

1. All text in the Annual Statements must be in readable Times New Roman, size 10.
   
   
2. The exact formats, columnar headings, and footnote instruction found in every page of the revised template must be strictly observed.
3. Any Annual Statement not in accordance with the prescribed format, missing detail/information and incomplete attachments shall not be accepted. A "Not Applicable" phrase should be indicated in the schedules or sheets in the AS that do not apply or are not suitable to the company.

Deadline of Online Submission

The Annual Statement shall be submitted on or before 3:00 pm of April 30, 2021.

Access to the Portal

The Portal shall be opened for uploading immediately after the effectivity of these Circulars and will be closed at 3:00 pm of the deadline, April 30, 2021.  Submission of the Annual Statements after the deadline shall only be allowed in the Portal beginning May 3, 2021 from 9:00 am to 3:00 pm of every working day.

IC CL 2021-17 and IC CL 2021-19 are effective immediately.

See attached IC Circular Letters 2021-17 and 2021-19 for further details.