IC CIRCULAR LETTER NO. 9-2010, February 25, 2010

FILING OF ANNUAL STATEMENTS OF TRUST FUNDS OF PRE-NEED COMPANIES

National Administrative Register February 25, 2010

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Pursuant to the provisions of the Pre-need Code of the Philippines, particularly Sections 43 and 46 thereof, all entities authorized to act as trustee for trust funds of pre-need companies are required to file with this Commission in soft and hard copies, Annual Statement of trust fund for each type of plan as of December 31 of every year, signed and sworn to by at least two (2) of the highest ranking officers of the trustee, including:

a) Statement that the trust accounts are maintained in accordance with the trust agreement approved by the Insurance Commission;

b) Statement that the trust accounts are free from liens and encumbrances other than liabilities indicated in the trust fund statement;

c) The Trust Fund balance sheet as of valuation date, the income statement for the year and subsidiary schedules that should identify the specific investments; and,

d) An updated list of pre-need companies with which your entity has existing trust agreement.

Annual Statements shall be submitted not later than April 30 of the year following the reporting year. Hence, Annual Statements of trust funds as of December 31, 2009 shall be submitted on or before April 30, 2010.

The penalty for late filing shall be P5,000.00 basic fine, plus P100.00 for each day of delay.

For strict compliance.

(SGD.) SANTIAGO JAVIER RANADA
Insurance Commissioner

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