LIFTING OF FREEZE RATES ORDER ON FIRE POLICIES
National Administrative Register [ IC CIRCULAR LETTER NO. 5-2000, April 25, 2000 ]
In view of the expiration of Circular Letter No. 7-99 prescribing
“freeze rates” for the policies renewed during the period April 30, 1999
to April 30, 2000, the following rules and regulations are hereby
issued:
“freeze rates” for the policies renewed during the period April 30, 1999
to April 30, 2000, the following rules and regulations are hereby
issued:
1. Each company shall file with this Commission its own fire
rating structure for approval in accordance with Section 349 of the
Insurance Code. Failure to submit the required rating structure shall
mean that the company will be using the rates in the Fire Tariff Manual
of 1998 until the company is able to file its own rating structure.2. For earthquake insurance, the minimum rate shall be 0.100%
for all structures. All other rules and regulations in the Fire Tariff
Manual of 1998 remain enforced. In addition, a catastrophe loss reserve
for this cover is required to be maintained starting year 2000.Please be guided accordingly.
Adopted: 25 April 2000
(SGD.) EDUARDO T. MALINIS
Insurance Commissioner