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(NAR) VOL. 11 NO.2 / APRIL – JUNE 2000
[ IC CIRCULAR LETTER NO. 3-2000, May 03, 2000 ]
INTEREST INCOME DUE THE CONTRIBUTIONS TO THE SECURITY-FUND LIFE AND NON-LIFE ACCOUNTS
Further to our Circular Letter No. 2-2000 dated January 11, 2000
please be advised that the rates for the accrued interest income net of
administrative expenses per the approved COA-MBM-MOF Joint Circular No.
1-87 dated January 1, 1987 on the reassessed contributions to the
Security Fund Accounts to be reflected in your financial statements as
of December 31, 1999, are as follows:
FOR LIFE INSURANCE COMPANIES 8.6413276%
FOR NON-LIFE INSURANCE COMPANIES 9.0553075%
The corresponding interest income due from the Security Fund contributions shall henceforth be reinvested in Government Securities for the accounts of Security Fund, Life and Non-Life insurance companies, and deposited with the Bureau of the Treasury.
You will be advised regularly of income earned out of said reinvestment
Adopted: 03 May 2000
(SGD.) EDUARDO T. MALINIS
Insurance Commissioner