Accounting Alerts

Submission of the 2020 Annual Statement for Non-life Insurance and Professional Reinsurers

This Accounting Alert is issued to circulate Insurance Commission (IC) Circular Letter (CL) 2021-21 dated March 23, 2021.

Introduction

The Amended Insurance Code of the Philippines directs all insurance company doing 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.

Online Submission

  • one soft copy of the compressed and password-protected file is to be submitted to the Non-Life Division through IC online uploading website on or before April 30, 2021: https://onuploading.insurance.gov.ph/templates/login;
  • the exact formats, columnar headings and footnote instruction found in every page of the attached blank forms of the prescribed Annual Statement should be strictly observed; and,
  • the submitted Annual Statement shall include supporting documents necessary to authenticate the contents of the Annual Statement, as seen in Annex A of the Circular Letter.

Any instance of noncompliance with the prescribed guidelines shall be subject to penalties in accordance with IC CL 2014-15, Fees and Charges.

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.

IC CL 2021-21 is effective immediately.

 

See attached IC Circular Letter 2021-21 for further details.