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Date Filed: 06 July 2018
WHEREAS, Sec. 229 of the Insurance Code of the Philippines, as amended by Republic Act No. 10607, requires every insurance company doing business in the Philippines to submit an Annual Statement on or before the thirtieth day of April of each year;

WHEREAS, Sec. 42 of the Pre-Need Code of the Philippines requires all pre-need companies to submit Annual Financial Statements signed and sworn to by its Chief Executive Officer and External Auditors showing the exact condition of the company’s affairs wherein an Audited Financial Statement duly received by the Bureau of Internal Revenue is required to be attached;

WHEREAS,  IC  Circular  Letter  No.  2016-41  dated  29  July 2016 requires all Health Maintenance Organizations to submit Audited Financial Statement duly received by the Bureau of Internal Revenue on or before the 31st day of May of each year;

WHEREAS, Executive Order No. 2, series of 2016, issued by the Office of the President  operationalizes  the  people’s  right  to  information  and  full  public disclosure and transparency in the Public Sector;

WHEREAS, Memorandum Circular No. 44 dated 04 May 2018 issued by the Office of the President mandated all government agencies performing frontline service to respond to all public requests and concerns within fifteen (15) days from receipt of such request or concern;

WHEREAS, in order to clarify and properly implement the aforementioned laws and regulations, there is need to determine the availability for public consumption of the financial documents of the regulated entities of the Insurance Commission;

NOW, THEREFORE, by the powers vested in me, the following rules are hereby issued and promulgated:

1.    Audited Financial Statements of regulated entities of this Commission are considered public documents and are available upon request in accordance with the Freedom of Information (FOl) Manual of this Commission, except when:

a.   The  verification  of  the  subject  Audited  Financial  Statement  being conducted by the Financial Services Group of this Commission has yet to be completed; or

b.   Upon completion of the verification, the concerned regulated entity has disputed or sought reconsideration of the result of the verification.

2.    Annual  Statements  of  the  regulated  entities  of  this  Commission  are considered public documents and are available upon request in accordance with the Freedom of Information Manual of this Commission, except when there  is  no  approved  synopsis  by  this  Commission  in  accordance  with Section 229 of the Insurance Code of the Philippines, as amended by Republic Act No. 10607 and Section 44 of the Pre-Need Code of the Philippines.

3.    Unaudited/Interim/Quarterly  Financial  Statements  submitted  by  regulated entities  of  this  Commission  are  considered  public  documents  and  are available  upon  request  in  accordance  with  the  FOI  Manual  of  this Commission  with  remarks  that  the  same  are  unofficial  and  unverified financial statements.

4.    Documents submitted to this Commission as attachments or are required as a reportorial requirement but are primarily submitted to other government agencies (i.e. General Information Sheet, Income Tax Return, etc.) are not covered by this Circular. Such documents should be requested with the primary government agency tasked with the collection of such information.

5.    In accordance with the FOI Manual of this Commission, requests for copies of the aforementioned financial documents should be requested with the Records  Section  of  this  Commission  subject  to  the  submission  of  the following requirements, to wit:

a.   Written Request; or
b.   Duly accomplished Request Form;
c.   Valid Identification Card of Requesting Party; and,
d.   Letter of Authorization and Valid Identification Card, if made through a representative.

6.    Fees for reproduction apply in accordance IC Circular Letter No. 2014-15 dated 15 May 2014.

For strict implementation.