SUBMISSION OF MONTHLY REPORTS
Date Filed: 31 March 2014
Pursuant to the administrative authority of the Insurance
Commissioner over insurance companies provided under Section 437(k) and
(l) in relation to Section 253 of the Amended Insurance Code (R.A.
10607), the Insurance Commission (IC) in cooperation with the Land
Transportation Franchising and Regulatory Board (LTFRB), resolved to
require PAMI, SCCI and all lead insurance companies participating in the
PPAI program to submit to the IC a monthly report on the premiums
received, benefits or claims paid, revenue earned and expenses incurred
to serve as basis for the regular review of the premium rates and to
determine whether any adjustment thereof would be warranted.
Accordingly, PAMI, SCCI and all lead insurance companies, are
hereby ordered to submit their monthly reports to the IC containing the
following:
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(a)
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Total premium received, indicating the following. (Annex A)
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(i)
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Type of Unit/Vehicle;
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(ii)
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Number of Unit/Vehicle insured per type of unit/vehicle; and
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(iii)
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Basic Premiums received/collected and taxes collected, per type of unit/vehicle insure.
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(b)
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Total benefits or claims paid, indicating the following: (Annex B)
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(i)
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Type of unit/vehicle;
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(ii)
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Number of incident per unit/vehicle per type of claims or benefits paid; and
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(iii)
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Actual count and amount of benefits or claims paid per type of claim or benefit.
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(c)
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Interim/Monthly Financial
Statements showing PAMI, SCCI and lead insurance company’s actual operating revenues earned and expenses incurred. |
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Above reports will be submitted both in hard and excel/spreadsheet format (through Compact Discs or flash drives) every 15th day of the following month.
Non-compliant companies, officers or agents shall be subject to
administrative and disciplinary sanctions provided under Section 253
and 438 of R.A 10607.
(SGD) EMMANUEL F. DOOC
Insurance Commissioner