Volume 13 Number 1 - University of the Philippines College of Law

January - March 2002 National Administrative Register 335
Date Filed: 17 January 2002
Circular Letter No. 4-2001
Submission of Monthly Statement of Foreign Exchange Receipts
Relative to Circular Letter No. 3-2001, dated 24 August 2001 and October 30, 2001 of
this Commission, all insurance and reinsurance companies and brokers are hereby required
to accomplish the enclosed form of Statement of Foreign Exchange Receipts and to submit
the same duly accomplished to this office within fifteen (15) days from the last day of every
month beginning with the month of December 2001.
No certification for purchase of foreign exchange for remittance abroad shall be
issued by this Commission and no treaty agreements shall be referred to the Bangko Sentral
ng Pilipinas (BSP) for action unless the foregoing is first complied with.
This Circular Letter supersedes Circular Letter 4/94 dated January 19, 1994.
Adopted: 03 Dec. 2001
Date Filed: 01 March 2002
(SGD.) EDUARDO T. MALINIS
Insurance Commissioner
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Circular Letter No. 3- 2002
Interest Income Due the Contributions to the
Security Fund Life and Non-Life Accounts
Further to our Circular Letter No. 2-2002 dated January 15, 2002 please be advised
that the rates for the accrued interest income net of administrative expenses based on the
approved COA-MBM-MOF Joint Circular No. 1-87 dated January 1, 1987 on the reassessed
contributions to the Security Fund Accounts for the year 2001 (including income earned in
the year 2001 from investment of 2000 interest income):
FOR LIFE INSURANCE COMPANIES 8.8147125%
FOR NON-LIFE INSURANCE COMPANIES 8.4001166%
The following are the rates of income earned in the year 2001 from investment of 1999
interest income:
FOR LIFE INSURANCE COMPANIES 0.8259355%
FOR NON-LIFE INSURANCE COMPANIES 0.8562327%
The aforesaid accrued interest income shall be reflected in your financial statements
as of December 31, 2001.