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(NAR) VOL. 5 NO. 4 / OCTOBER - DECEMBER 1994
[ IC CIRCULAR LETTER NO. 24-94, December 12, 1994 ]
ADMITTED ASSETS
For purposes of determining compliance with the margin of solvency requirement of non-life insurance companies in addition to the assets enumerated in Section 196 of the Insurance Code, this Commission may consider as admitted assets, premiums due from the following:
1. The Government of the Philippines, its political subdivisions or instrumentalities, including government owned or controlled corporations, whether as insured, general agent, insurance broker, mortgagee or trustee, provided that in case any of said entities assumes the role of a trustee, the insurance company concerned shall present proof that such premiums are held by such entity as trustee of the said company.
2. Premiums Receivable Account (direct, agents, general agents an insurance brokers) covering policies within 90 days from inception as of the cut-off date, provided that these receivables are supported by an aging schedule showing details per policy; and copies of policies and other pertinent documents are made available to the examiners for verification, otherwise, unverified accounts will be disallowed.
3. Marine Hull Premiums covered by Deferred Premiums Clause "I" attached to the policy and payable in four quarterly installments provided that the installments to be considered as admitted assets are only the installments due within 90 days as of cut-off date including all installments not yet due as of the cut-off date and provided further that these receivables are supported by an aging schedule showing details per policy and copies of policies and other pertinent documents shall be made available to the examiners for verification, otherwise, those accounts not verified will be disallowed.
Henceforth, no after-date transaction shall be allowed.
This circular supersedes Circular Letter, dated November 20, 1981 and shall apply in the verification/examination of the financial condition of non-life insurance companies as of December 31, 1993 and thereafter.
Adopted: 12 Dec. 1994
(SGD.) ADELITA A. VERGEL DE DIOS
Insurance Commissioner