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