Approval of Foreign Exchange Remittance Statistics and Research Division Monitoring of Compliance to Various Reportorial Requirements...

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1 CITIZEN S CHARTER

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3 TABLE OF CONTENTS Agency Profile... 6 Vision... 6 Mission... 6 Shared Values... 6 Mandate... 6 Major Functions... 6 Organizational Structure... 7 Executive Committee... 8 Frontline Services... 9 Management Support Services Group... 9 Administrative Division Assisting Researchers in the Use of the Library Attending to Request for Issuance of Annual Report Attending to Request for Research and/or Access to Records Authentication of Documents Issuance of Certificate of Employment or Service Records Reply to Queries, Memoranda, or Correspondences Technical Services Group Actuarial Division Approval of Life and MBA Products under Non-Expeditious Approval Process Approval of Life Products under Expeditious Approval Process Approval of Other Requests (e.g. Change in Policy Loan Interest, Change in Reserve Valuation Bases etc.) Investments Services Division Approval of Investments of Companies and Other Financial Institutions Monitoring of Compliance with Capital Investment or Guaranty Fund Requirements Rating Division Approval of Premium Rates on Non-Life Reinsurance Division Approval of Facultative Placements Abroad of Companies Approval of Treaty Agreements I C C i t i z e n s C h a r t e r 3

4 Approval of Foreign Exchange Remittance Statistics and Research Division Monitoring of Compliance to Various Reportorial Requirements Financial Examination Group Non-Life, Life/MBAs/Trust, and Reinsurance Broker Divisions Issuance of Certification about the Financial Condition of Companies Acceptance of Annual Statements Non-Life Division Initial Accreditation of External Auditor Firms and Renewal of Accreditation of External Auditor Firms Initial Accreditation of External Auditor Individuals and Renewal of Accreditation of External Auditor Individuals Pre-Need Division Acceptance of Annual Statements Acceptance of Interim (Quarterly) Financial Statements (IFS) Acceptance and Monitoring of Trust Fund Statements Acceptance and Monitoring of Sales Reports Acceptance and Monitoring of Collection Reports Acceptance and Monitoring of Deposit to Trust Fund Reports Issuance of Certification about the Financial Condition and Trust Funds of Pre- Need Companies Legal Services Group Claims Adjudication Division Filing of Formal Complaints Conservatorship, Receivership, and Liquidation Division Appointment of Conservator Appointment of Receiver Formulation of Rehabilitation/Liquidation Plan Implementation/Termination of Rehabilitation Plan Appointment of Liquidator Formulation/Amendment of Liquidation Plan Implementation/Termination of Liquidation Plan Assistance to Claimants for Filing of Claims against Companies under CRL 83 Issuance of Certificate on Status of Companies under CRL I C C i t i z e n s C h a r t e r 4

5 Licensing Division Conduct of Agents Qualifying Exam Granting of Certificate of Authority as Rating Organization Granting of Certificate of Authority as Adjuster Processing of Request for Approval of Branch or Extension Office of Company Granting of Certificate of Authority as Branch Office of Foreign Company Granting of Certificate of Authority as Domestic Company or Professional Reinsurer Granting of Certificate of Authority as /Reinsurance Broker Granting of Certificate of Authority as Mutual Benefit Association Granting of Certificate of Registration as Trustee of Trusts for Charitable Uses Granting of Certificate of Registration as Controlled Insurer Granting of Certificate of Registration as Resident Agent of an Unauthorized Foreign Insurer or Broker Granting of Certificate of Registration as a Non-Life Company Underwriter 115 Granting of Certificate of Registration of Actuary Granting of Agents License Issuance of Certification of License Issued and Results of Examination Processing of Request for Endorsement Public Assistance and Mediation Division Handling of Informal Complaints Received by Mail or Handling of Informal Complaints Received from Walk-In Claimants Regulation, Enforcement, and Prosecution Division Approval of Various Non-Life Policies, Bond Forms, Application Forms, Riders, Clauses, Warranties or Endorsements Issuance of Certificate as Required by Various courts or Other Entities Issuance of Certificate as Required by DPWH or Other Government Entities Pursuant to R.A Hearing of Administrative Complaints I C C i t i z e n s C h a r t e r 5

6 AGENCY PROFILE VISION By 2020, as Regulator, we shall provide an opportunity for every Filipino to secure insurance protection and we shall observe practices at par with regional and global standards. MISSION We are committed to protect the interest and welfare of the insuring public and to develop and strengthen the insurance industry. SHARED VALUES We are committed to adhere to the following values: MANDATE Love of God and People Integrity Fairness Professionalism Solidarity To regulate and supervise the insurance and pre-need industries in accordance with the provisions of the Code, as amended and the Pre-Need Code of the Philippines. MAJOR FUNCTIONS Promulgation and implementation of policies, rules and regulation governing the operations of entities engaged in insurance and pre-need activities as well as with benevolent features Licensing of insurance, reinsurance companies, its intermediaries, mutual benefit associations, trusts for charitable uses and pre-need companies and its intermediaries Conduct of insurance agent's examinations, as well as processing of reinsurance treaties and request for investments of insurance companies. Examination/verification of the financial condition and methods of doing business of entities engaged in insurance business, pre-need, mutual benefit associations, and trusts for charitable uses Evaluation and preparation of statistical reports, studies, researches, annual reports, and position papers relative to insurance and pre-need matters. Review of premium rates imposed by life and non-life companies, mutual benefit associations, and statistical reports of adjusters to determine compliance with established standards Adjudication of claims and complaints involving loss, damage or liability incurred by an insurer under any kind of policy or contract of insurance or suretyship Review and approval of all life and non-life policies and pre-need plans before sale to prospective clients I C C i t i z e n s C h a r t e r 6

7 ORGANIZATIONAL STRUCTURE I C C i t i z e n s C h a r t e r 7

8 EXECUTIVE COMMITTEE EMMANUEL F. DOOC FERDINAND GEORGE A. FLORENDO Deputy Financial Examination Group VIDA T. CHIONG Deputy Technical Services Group ATTY. DENNIS B. FUNA Deputy Legal Services Group DOROTHY M. CALIMAG Deputy Management Support Services Group I C C i t i z e n s C h a r t e r 8

9 MANAGEMENT SUPPORT SERVICES FRONTLINE SERVICES MANAGEMENT SUPPORT SERVICES GROUP Administrative Division I C C i t i z e n s C h a r t e r 9

10 ADMINISTRATIVE DIVISION The Administrative Division, headed by Ms. Lorna L. De Leon, provides the general services crucial in the operations of the Commission. They perform the following services: o o o o develops administrative systems and procedures for the agency through its Human Resources, Records, General Services, Property, and Cashier Sections; implements office policies, laws, rules and regulations issued by the Civil Service Commission and government agencies relating to general administration services and functions; provides organization and logistical support to the entire agency; and provides advisory services to the, as well as other officials and employees on general administrative services. ASSISTING RESEARCHERS IN THE USE OF THE LIBRARY About the Service Researchers are granted access to the Commission Library. Who May Avail of the Service Any person who desires to access the reference materials in the IC Library Requirements 1. Verbal/ Written Request 2. Identification Card Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service MANAGEMENT SUPPORT SERVICES STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Request The client requests access to the reference materials in the library The interviews the researcher to determine the reference materials needed 5 minutes 2 Finding the reference material The looks for the reference materials requested by the researcher minutes 3 Entrusting of reference materials to researcher The client surrenders identification card to the upon receipt of the requested reference The releases the reference materials to the researcher and receives the identification card together with the book card 3-5 minutes I C C i t i z e n s C h a r t e r 10

11 MANAGEMENT SUPPORT SERVICES materials for the research 4 Receiving of borrowed reference material The researcher returns the reference material to the after use The, upon receipt of the reference materials, enters its return on the book card and returns the identification card of the researcher 2 minutes ATTENDING TO REQUEST FOR ISSUANCE OF ANNUAL REPORT About the Service The Annual Report of the Commission is available upon request to the supply section of the Administrative Division. Who May Avail of the Service Any person, insurance company, and/or government entity who want/s a copy of the Annual Report Annual Report Price List 2011 PhP (CD) , , , , , , , , Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service I C C i t i z e n s C h a r t e r 11

12 MANAGEMENT SUPPORT SERVICES STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Request The client submits letter request to the Supply Section of the Administrative Division The assists the client and determines the particular year of the Annual Report and the needed quantity 5 minutes Supply Officer 2 Payment The client proceeds to the Cashier for payment The issues an order of payment and instructs the client to pay to the Cashier The Cashier accepts payment and issues an official receipt to the client 2 minutes 5 minutes Supply Officer Cashier 3 Issuance of Annual Report The client presents the Official Receipt to the in the Supply Section The client accepts the Annual Report The, upon presentation of the official receipt releases the Annual Report to the client 5 minutes Supply Officer ATTENDING TO REQUEST FOR RESEARCH AND/OR ACCESS TO RECORDS About the Service Researchers are given access to Commission records for research. Who may avail of the service Any person who desires to access the documents filed in the Records Section Requirements Letter/verbal request indicating the purpose of the research Valid Identification Card Schedule of availability of service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to avail of the service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE I C C i t i z e n s C h a r t e r 12

13 MANAGEMENT SUPPORT SERVICES 1 Request The client submits the letter of request to the Administrative Division The Chief of the Administrative Division endorses the letter to the Records Officer 2 minutes Action Officer 2 Granting access to records filed in the Records Section The client discusses the needed documents for research with the Records Officer and surrenders his/her identification card upon receipt of the requested files for research Records Officer looks for the documents needed and turns it over to the researcher in exchange for his/her identification card minutes Records Officer 3 Return of borrowed documents The client returns the files intact after use The Records Officer receives the files and returns the identification card of the researcher 2 minutes Records Officer AUTHENTICATION OF DOCUMENTS About the Service Authentication of documents on file with the Commission: 1. Certificate of Authority/Registration - Records Section or Licensing Division 2. Certificate of Compliance (as required under A.M.04-02SC) - Records Section or Regulation Division 3. Certificate of Approved Bond and Policy Forms Records Section, Regulation Division, or Actuarial Division 4. Audited Financial Statements Records Section or Examination Divisions (Pre- Need, Life, Non-Life, Brokers) 5. Approved Synopsis of Annual Statement Records Section or Examination Divisions (Pre-Need, Life, Non-Life) 6. Other documents - Records Section and/or Concerned Division Who May Avail of the Service Any person who requests for the copy of their documents stamped Certified True Copy Requirements Copy of document(s) to be authenticated Fees PhP per document Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM I C C i t i z e n s C h a r t e r 13

14 MANAGEMENT SUPPORT SERVICES How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Request company representative proceeds to the Records Section or concerned division and requests for the authentication of documents The of the concerned division takes note of the request 2 minutes Action Officer 2 Search for the original document on file The retrieves the original copy of the document on file. After verification, the client is advised to proceed to the cashier for payment minutes Action Officer 3 Payment The client proceeds to the cashier for payment The Cashier receives the payment from the client and issues an Official Receipt 5 minutes Cashier 4 Authentication of Document The client presents the official receipt to the The stamps each document to be authenticated Certified True Copy, initials, and forwards to the Authorized Signatory After signing, the Action Officer affixes the agency seal on the document(s) minutes depending on the volume of the document Action Officer 5 Release of Authenticated Documents The client receives the authenticated document(s). The releases the authenticated document(s) to the client. 5 minutes Action Officer I C C i t i z e n s C h a r t e r 14

15 MANAGEMENT SUPPORT SERVICES ISSUANCE OF CERTIFICATE OF EMPLOYMENT OR SERVICE RECORDS About the Service IC facilitates request for certificates of employment and service records. Who May Avail of the Service Present and former employees of the Commission Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Request The client proceeds to the Administrative Division and communicates his request to the The retrieves the data of the employee or former employee and updates the same if there is a need to do so 5 30 minutes 2 Preparation of Certificate of Employment and/or Service Record The prepares the requested Certificate of Employment and/or Service Record minutes 3 Signing of the Certificate of Employment or Service Record The passes upon the certificate to the Supervising Administrative Officer for checking and evaluation. After affixing his/her initials the supervisor forwards the document to the Chief Administrative Officer for his signature 10 minutes Administrative Aide; Supervising Administrative Officer; Chief Administrative Officer 4 Release of Certificate of Employment and/or Service Record The client receives the Certificate of Employment and/or Service Record The signed Certification and/or Service Record is released to the client 5 minutes I C C i t i z e n s C h a r t e r 15

16 MANAGEMENT SUPPORT SERVICES REPLY TO QUERIES, MEMORANDA, OR CORRESPONDENCES About the Service Immediate reply to queries relative to insurance matters. Who May Avail of the Service Companies, Other Government Agencies, General Public and Other Stakeholders Requirement Letter Request Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Receiving of request The client submits letter request to the Commission The receives the letter and records it in the log book then forwards the same to the Division Chief of the concerned division for assignment 5 minutes 2 Preparation of reply letter The, upon receipt of the request, prepares the letter reply and the corresponding report 30 minutes 1 hour 3 Review of reply letter The Supervising reviews the letter and the corresponding report and forwards it to the Division Chief 1 hour Supervising 4 Passing upon of reply letter The Division Chief further reviews the report affixes his/her initial on the transmittal letter and forwards the same to the Deputy s Office 1 2 days Officer In Charge/Chief Deputy I C C i t i z e n s C h a r t e r 16

17 MANAGEMENT SUPPORT SERVICES 5 Signing of reply letter with the corresponding reports The letter is forwarded to the for final approval 1 2 days 6 Releasing of letter The client receives the reply letter and/or the report Upon approval by the, said letter is released to the Records Section and forwarded to the client 1 day Administrative Aide/ Staff of the Records Section I C C i t i z e n s C h a r t e r 17

18 TECHNICAL SERVICES TECHNICAL SERVICES GROUP Actuarial Division Investment Services Division Rating Division Reinsurance Division Statistics and Research Division I C C i t i z e n s C h a r t e r 18

19 TECHNICAL SERVICES ACTUARIAL DIVISION The Actuarial Division is one of the major frontline divisions of the IC. Headed by Ms. Maricel G. Basallote, the Division performs the following functions: o o o o Reviews and evaluates actuarial formulations and assumptions used in the determination of premium rates, contract prices and contribution rates, reserves, non-forfeiture values, termination values, and benefit levels; Reviews and evaluates viability studies for insurance and pre-need products submitted by Life Companies, Mutual Benefit Associations (MBAs) and Pre-Need Companies; Verifies the consistency and conformity of the provisions of the policy and preneed contracts, MBA s implementing rules and regulations, certificates, and other related forms with the corresponding actuarial formulations and assumptions used; and Evaluates applications for change in reserve valuation bases and policy loans interest rates. APPROVAL OF LIFE INSURANCE AND MBA PRODUCTS UNDER NON-EXPEDITIOUS APPROVAL PROCESS About the Service In accordance with Section 232 of the Code, as amended by R.A and Sections 14 and 17 of the Pre-Need Code, Life Companies, and MBAs, and Pre-Need Companies, respectively, must obtain prior approval from the Commission for any insurance and pre-need products to be sold, or any policy, certificate, rider, endorsement, application form, etc. to be issued Who May Avail of the Service Life Companies, Mutual Benefit Associations (MBAs), and Pre-Need Companies Requirements 1 Brief and concise description of insurance plan Actuarial Notes Table of Gross Premium Rates and Net Valuation Premiums (all issue ages) Schedule of Terminal Reserves for the complete duration of the plan or 20 policy years whichever is shorter, for all issue ages Table of Non-forfeiture Values available under the plan (Cash Values, RPU, and/or ETI) for the entire duration of the plan for all issue ages Asset share calculation for the complete duration of the plan or 20 policy years whichever is shorter, for decennial ages only. Illustration of Benefits 2 Actuary s Certification Policy contracts /Implementing Rules and Regulations (2 copies) Application Form (2 copies) Other Forms e.g. Endorsements, Certificates, etc. (2 copies) 1 Note: These are the minimum requirements for traditional individual life products. Additional requirements have to be submitted/complied with as deemed necessary 2 For Participating Plans only I C C i t i z e n s C h a r t e r 19

20 TECHNICAL SERVICES Fees A. Life Products 1. New Plans/Riders/Forms a. Traditional Individual and group life insurance plans permanent or term, regular or limited pay Amount (PhP) Legal Research Fund Fee (PhP) Basic Plan 35, Rider 15, b. Variable Life Plan Regular Pay, Limited Pay Basic Plan 75, Rider 35, c. Contract Forms/Endorsements/ Application and Other forms 2. Revision of Rates or Contract a. Traditional Individual and group life insurance plans permanent or term, regular or limited pay 5, Basic Plan 20, Rider 10, b. Variable Life Plan Regular Pay, Limited Pay Basic Plan 35, Rider 20, c. Contract Forms/Endorsements/ Application and Other forms B. Microinsurance products C. Pre-Need 1. Registration of pre-need plans (New and Additional) 5, Fees shall be 50% of the above rates 0.10 % of the Contract Price (Exclusive of VAT) 2. Pre-need Plan Price Increase 5, Amendments to the registration statement, pre-need contracts or other documents (ACT) 5, Cancellation of registration of pre-need plans 5, % 1% I C C i t i z e n s C h a r t e r 20

21 5. Suspension and/or cancellation of permit to sell pre-need plans 5, Conversion of unsold approved pre-need plan from one type of plan to another existing previously approved plan The higher of 25% of the Registration Fee for new application of P30,000 TECHNICAL SERVICES 1% Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Presentation of Letter of Request The company representative proceeds to the Actuarial Division and presents the Letter of Request The / receives the letter and checks/verifies the attached supporting documents if the submission qualifies for nonexpeditious approval process, computes for fees and issues Order of Payment 1 2 hours / 2 Presentation of Order of Payment and Payment The company representative proceeds to the Cashier for payment The Cashier accepts the payment and issues an official receipt to the company representative 5 minutes Cashier 3 Presentation of Official Receipt and submission of letter of request and requirements or specimen copies The company representative presents the Official Receipt to the Actuarial Division and submits the required documents The / records the request in the logbook and forwards the same to the Chief minutes / 4 Assignment of request The Chief assigns the request to the Supervising who assigns the same to the /Action Officer minutes Chief ; Supervising I C C i t i z e n s C h a r t e r 21

22 TECHNICAL SERVICES The / evaluates the various insurance forms, asset shares, and other actuarial documents and forwards the result of evaluation to the Supervising 2 15 days depending on the complexity of product/ request / 5 Evaluation and review of documents submitted The Supervising reviews the evaluation report on the product/request and recommends the final requirements. The Chief reviews/approves the final requirements. 1 5 days depending on the complexity of product/ request Supervising ; Chief If there are issues that need to be discussed with the Acturial Consultant or referred to other Divisions, a meeting is conducted with the consultant or a memo is prepared and forwarded to the concerned Division 2 7 days Actuarial Consultant; Chief of Concerned Division 6 Transmittal of requirements Requirements are relayed to the company through: a. Letter or ; or b. Conference. The, together with the Supervising and the Chief discusses the requirements with the company representatives mins 1 2 hours / ; Supervising ; Chief If company does not submit compliance with the requirements within 6 months, the application is archived. I C C i t i z e n s C h a r t e r 22

23 TECHNICAL SERVICES 7 Submission of additional requirements The company submits the additional requirements transmitted through letter, or as discussed during conference The / receives the additional requirements submitted The / records the submission in the logbook and forwards the same to the Chief for assignment to Supervising and 30 minutes- 1 hour / ; Chief ; Supervising 8 Evaluation and review of additional requirements The / evaluates the requirements submitted and if submission is found in order, a draft found in order (FIO) letter is prepared. Otherwise, Steps 5,6 & 7 are repeated The draft letter is forwarded to the Supervising for review The Supervising forwards the same to the Chief for final approval 1 5 days 1 2 days 1 day / Supervising Chief 9 Preparation of Found in Order/ approval letter /Action Officer prepares the FIO/approval letter with specimen copies if applicable for the initials of the /, Supervising and Chief 1 2 days / ; Supervising ; Chief I C C i t i z e n s C h a r t e r 23

24 TECHNICAL SERVICES 10 Passing upon of Found in Order/ approval letter The letter together with the specimen copies of contracts, if any, is forwarded to the Deputy for consideration and approval The letter including the supporting documents is forwarded to the for final approval 1 2 days 1 2 days Deputy 11 Releasing of letter The signed letter, together with the specimen copies of contracts, if any, is returned to the Actuarial Division then forwarded to the Records Section for release to the company 1 2 days / ; Staff of the Records Section APPROVAL OF LIFE INSURANCE PRODUCTS UNDER EXPEDITIOUS APPROVAL PROCESS About the Service In accordance with Section 232 of the Code, as amended by R.A , Life Companies must obtain prior approval from the Commission for any insurance to be sold, or any policy, certificate, rider, endorsement, application form, etc. to be issued Who May Avail of the Service Life Companies Requirements The following shall be submitted as prescribed under Circular Letter and : Duly accomplished Checklist and Evaluation Sheet Duly notarized Deed of Undertaking Brief and concise description of insurance plan Actuarial Notes Table of Gross Premium Rates and Net Valuation Premiums (all issue ages) Schedule of Terminal Reserves for the complete duration of the plan or 20 policy years whichever is shorter, for all issue ages Table of Non-forfeiture Values available under the plan (Cash Values, RPU, and/or ETI) for the entire duration of the plan for all issue ages Asset share calculation for the complete duration of the plan or 20 policy years whichever is shorter, for decennial ages only. Illustration of Benefits 3 (3 copies) 3 For Participating Plans only I C C i t i z e n s C h a r t e r 24

25 TECHNICAL SERVICES Actuary s Certification Policy Contract(3 copies) Application Form (3 copies) Other Forms e.g. Endorsements, Certificates, etc. (3 copies each) Fees A. Life Products 1. New Plans/Riders/Forms a. Traditional Individual and group life insurance plans permanent or term, regular or limited pay Amount (PhP) Legal Research Fund Fee (PhP) Basic Plan 35, Rider 15, b. Contract Forms/ Endorsements/ Application and Other forms 2. Revision of Rates or Contract a. Traditional Individual and group life insurance plans permanent or term, regular or limited pay 5, Basic Plan 20, Rider 10, c. Contract Forms/Endorsements/ Application and Other forms Schedule of Availability of Service 5, Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Presentation of Letter of Request The company representative proceeds to the Actuarial Division and presents the Letter of Request The / checks the submission and attachments for completeness, computes for fees and issues Order of Payment. If incomplete, product submission is not accepted 1 2 hour/s / I C C i t i z e n s C h a r t e r 25

26 TECHNICAL SERVICES 2 Presentation of Order of Payment and Payment The company representative proceeds to the Cashier for payment The Cashier accepts the payment and issues an official receipt to the company representative 5 minutes Cashier 3 Presentation of Official Receipt and submission of letter of request and required documents The company representative presents the Official Receipt to the Actuarial Division and submits the required documents The / receives and records the submission in the logbook and forwards the same to the Chief minutes / 4 Assignment of request The Chief assigns the request to the Supervising who assigns the same to the /Action Officer minutes Chief ; Supervising 5 Preparation of approval letter The / prepares the approval letter for the initials of the /Action Officer, Supervising and Chief 1 5 days / ; Supervising ; Chief 6 Passing upon of approval letter The letter together with the specimen copies of contracts, if any, is forwarded to the Deputy for consideration and approval The letter including the supporting documents is forwarded to the for final approval 1 2 days 1 2 days Deputy I C C i t i z e n s C h a r t e r 26

27 TECHNICAL SERVICES 7 Releasing of letter The approval letter, together with the specimen copies of contracts is returned to the Actuarial Division then forwarded to the Records Section for transmittal to the company 1 2 days / ; Staff of the Records Section APPROVAL OF OTHER REQUESTS (E.G. CHANGE IN POLICY LOAN INTEREST, CHANGE IN RESERVE VALUATION BASES ETC.) About the Service Life Companies, Pre-need Companies and MBAs must obtain prior approval from the Commission for any change in policy loan interest rate, change in reserve valuation bases etc., in accordance with pertinent provisions of the Code Who May Avail of the Service Life Companies, Pre-need Companies and MBAs Requirements Letter stating the reason and/or justification for the request Statistics to support the request Other documents Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM How to Avail of the Service STEP APPLICANT / CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Submission of Letter of Request The company representative proceeds to the Actuarial Division and submits the Letter of Request The / records the request in the logbook and forwards the same to the Chief 1 2 hours /Action Officer 4 Assignment of request The Chief assigns the request to the Supervising who assigns the same to the /Action Officer minutes Chief ; Supervising I C C i t i z e n s C h a r t e r 27

28 TECHNICAL SERVICES 5 Evaluation and review of request The / evaluates the request and the supporting statistics and documents submitted and forwards the result of evaluation to the Supervising The Supervising reviews the evaluation report on the product/request and recommends the final requirements. The Chief reviews/approves the final requirements. 2 5 days depending on the complexity of request 1 5 days depending on the complexity of request /Action Officer Supervising ; Chief 6 Transmittal of requirements Requirements are relayed to the company through: a. Letter or b. Conference The, together with the Supervising and the Chief discusses the requirements with the company representatives mins 1 2 hours /Action Officer; Supervising ; Chief 7 Submission of additional requirements The company submits the additional requirements transmitted through letter, or as discussed during conference. The / receives the additional requirements submitted. The / records the submission in the logbook and forwards the same to the Chief for assignment to Supervising and 30 minutes 1 hour /Action Officer; Chief ; Supervising I C C i t i z e n s C h a r t e r 28

29 TECHNICAL SERVICES 8 Evaluation and review of additional requirements The / evaluates the requirements submitted and if submission is found in order, a draft letter is prepared. Otherwise, Steps 5, 6, & 7 are repeated The draft letter is forwarded to the Supervising for review 1 5 days 1 2 days /Action Officer Supervising The Supervising forwards the same to the Chief for final approval 1 day Chief 9 Preparation of approval letter /Action Officer prepares the approval letter for the initials of the /Action Officer, Supervising, and Chief 1 2 days /Action Officer; Supervising ; Chief 10 Passing upon of approval letter The letter is forwarded to the Deputy for consideration and approval The letter is forwarded to the for final approval 1 2 days 1 2 days Deputy 11 Releasing of letter The signed letter is returned to the Actuarial Division then forwarded to the Records Section for release to the company 1 2 days ; Staff of the Records Section I C C i t i z e n s C h a r t e r 29

30 TECHNICAL SERVICES INVESTMENTS SERVICES DIVISION The Investments Services Division (ISD), headed by Ms. Evelyn N. Singun, performs the following functions: o o o o o o o o o o o o Monitors the compliance of existing insurance companies and mutual benefit associations (MBAs) with the capital investment and guaranty fund required with Sections 197, 209, 289 and 405 of the Amended Code; Controls and services insurance companies and MBAs without license or placed under conservatorship, receivership or liquidation regarding release of security deposits and guaranty fund; Administers the Security Fund; Passes upon requests for approval of investments by entities supervised by the IC, in accordance with IC Circular Letter No ; Passes upon request for approval of dividend declaration, conversion of contributed/contingency surplus to paid-up capital; Passes upon request for approval of investment offerings of banks, investment houses and other financial institutions; Monitors insurance companies compliance related to the monthly reports of Investments made and Sold or Disposed of in accordance with Section 215 of the Code; Monitors compliance related to submission of Quarterly Statement of Paid-up Capital, Reserves and Investments in accordance with IC Circular Letter No ; Reviews and approves Trust Agreement of Pre-Need companies; Passes upon request for approval of investment of Pre-Need companies in accordance with the Pre-Need Code and IC CLNo ; Prepare billing statements for processing fees of appproval of investments and penalties for late submission of reportorial requirements; and Performs such other functions related to investments. APPROVAL OF INVESTMENTS OF INSURANCE COMPANIES AND OTHER FINANCIAL INSTITUTIONS About the Service All insurance companies whether life or non-life and pre-need companies shall secure prior approval of the proposed investments from the Commission (IC), pursuant to the Amended Code and the Pre-Need Code and applicable Circular Letters issued by IC. Who May Avail of the Service Companies, Pre-Need Companies, Mutual Benefit Associations and other financial institutions Requirements Annual Statement Latest approved synopsis Audited financial statements for the past three (3) years of the Issuers Issuers Credit Rating, SEC Approval for the issuance of Corporate Bonds/Notes, BSP- Monetary Board Approval for Banking Instruments, Term Sheet/Prospectus Reports on Investments Made and Sold of the insurance company Statement of Paid-Up Capital, Reserves and Investments of the insurance company Comfirmation of Sale and Purchase from the Bureau of the Treasury (BTr) Other pertinent documents needed in the analysis I C C i t i z e n s C h a r t e r 30

31 TECHNICAL SERVICES Fees Legal Research Fund Fee Approval of Investment Management Agreement a., MBA PhP10, b. Micro MBA PhP5, PhP PhP50.00 Approval of Trust Agreement of Pre- Need Cos. PhP5, PhP50.00 Investment products of banks and financial institutions a. Local investments PhP5, b. Offshore investments PhP15, PhP50.00 PhP Investment products by insurance companies a. Local investments b. Offshore investments PhP5, PhP10, PhP50.00 PhP Schedule of Availability of Service Mondays-Fridays (except holidays) 7:30 AM 12:00 NN; 1:00 6:00 PM How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (per request) PERSON IN CHARGE 1 Recording of Documents The company representative presents the documents to the Records Section The records/logs the documents 2 Presentation of Letter of Request The company representative proceeds to the ISD and presents the Letter of Request The receives the letter and checks/verifies the attached supporting documents for completeness, computes for fees and issues Order of Payment Within 30 minutes I C C i t i z e n s C h a r t e r 31

32 TECHNICAL SERVICES 3 Presentation of Order of Payment and Payment The company representative proceeds to the Cashier for payment The Cashier accepts the payment and issues an official receipt to the company representative 5 minutes Cashier 4 Presentation of Official Receipt and submission of letter of request and requirements or supporting documents The company representative presents the Official Receipt to the ISD and submits the required document(s) The records the request in the logbook and forwards the same to the Chief 5 minutes 5 Assignment of request The Chief assigns the request to the Supervising who assigns the same to the Within 10 minutes Chief ; Supervising 6 Evaluation/ Processing of request based on document(s) submitted The evaluates and processes the request. Based on the result of evaluation, the prepares the letter of transmittal and forwards the same to the Supervising Within 3 10 days depending on the complexity of the request 7 Review of transmittal letter The Supervising reviews the letter and the results of evaluation,affixes initial and forwards it to the Chief Within 1 3 hours Supervising 8 Passing upon of transmittal letter The Chief further reviews the results, affixes initials on the transmittal letter, and forwards the same to the Office of the Deputy for approval 1 2 days Chief ; Deputy 9 Signing of transmittal letter The letter is forwarded to the Office of the for final approval and signature 1 2 days I C C i t i z e n s C h a r t e r 32

33 TECHNICAL SERVICES 10 Releasing of letter Upon final approval by the, said letter is forwarded to the Records Section for release 1 2 days Action officer; Staff of the Records Section MONITORING OF COMPLIANCE WITH CAPITAL INVESTMENT OR GUARANTY FUND REQUIREMENTS About the Service The Investment Services Division verifies and evaluates the documents submitted by insurance companies and mutual benefit associations in compliance with the capital investment/guaranty fund requirements under Sections 197, 209, 289, and 405 of the Amended Code. Who May Avail of the Service Companies and Mutual Benefit Associations (MBAs) Requirements Certificated Securities For investments under ROSS: Affidavit of Undertaking w/ SPA Deed of Assignment w/ SPA Confirmation of Sale Confirmation of Purchase BTr Daily Statement of Securities Account Schedule of Availability of Service Mondays-Fridays (except holidays) 7:30 AM 12:00 NN; 1:00 6:00 PM How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY (per request) PERSON IN CHARGE 1 Receiving of documents The client submits the documents for verification directly to the ISD The receives and verifies the documents and requirements Within minutes 2 Recording of letter request The Administrative Aide records the request in the logbook and forwards the same to the Chief Within 5 minutes I C C i t i z e n s C h a r t e r 33

34 TECHNICAL SERVICES 3 Assignment of request The Chief assigns the request to the Supervising who assigns the same to the Within 10 minutes Chief ; Supervising 4 Evaluation / processing of documents submitted The evaluates and processes the request. Based on the result of evaluation, the prepares the letter of compliance/deficiency and forwards the same to the Supervising Within 2 hours 5 Review of compliance / deficiency letter The Supervising reviews the results of evaluation and forwards it to the Chief Within 30 minutes Supervising 6 Passing upon of compliance / deficiency letter The Chief affixes initials on the letter, if found in order Within 30 minutes Chief 7 Signing of the compliance / deficiency letter The letter is forwarded to the office of the Deputy s for approval 1 2 days Deputy 8 Signing of the compliance / deficiency letter The letter is forwarded to the Office of the for approval 1 2 days 9 Releasing of letter Upon final approval by the, said letter is forwarded to the Records Section for release 1 2 days ; Staff of the Records Section I C C i t i z e n s C h a r t e r 34

35 TECHNICAL SERVICES RATING DIVISION The Rating Division is in charge of monitoring the rates and underwriting practices and methods of doing business of insurance companies. The Division, headed by Ms. Ma. Victoria P. Peralta, performs the following functions: o o o o Conducts examination of the underwriting and rating practices of non-life insurance companies, intermediaries and rating associations to determine compliance with tariff rules and related regulations/guidelines including its claims settlement practices as well as the methods of doing business of adjustment companies; Formulates plans and programs, and recommends courses of action for the efficient implementation and underwiting practices of non-life insurance companies; Inspects special insurance risks to determine propriety of rates and recommend appropriate risk management procedures; Conducts rating and underwriting studies to update rating structures for various lines of business such as for fire, motor car, marine, casualty insurance, and surety business; and o Coordinates with other agencies of the government on the verification/monitoring of Customs Bonds and Compulsary Motor Vehicle Liability and its taxes. APPROVAL OF PREMIUM RATES ON NON-LIFE INSURANCE About the Service These services are pursuant to Section 358 of the Amended Code which promulgates the rules on rate making of every rating organization and non-life insurance company doing business in the Philippines. Who May Avail of the Service Non-Life Companies Requirements Letter request Statistics to support request Fees Legal Research Fund Fee a. PIRA PhP50, Php b. Individual Companies PhP25, PhP Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM I C C i t i z e n s C h a r t e r 35

36 TECHNICAL SERVICES How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Receiving of letter request and computation of fees The client submits the letter requests to the Receiving Clerk in the Records Section The receives the request, computes for fees and issues Order of Payment Within 1 hour from time of receipt 2 Payment The company representative proceeds to the Cashier for payment The Cashier accepts payment and issues and Official receipt to the company representative 5 minutes Cashier 3 Recording of letter request The company representative proceeds to the Rating Division and presents the Official Receipt with the required documents Upon the comapnay representatives s presentation of the Official Receipt, the records the request in the logbook and forwards the same to the Chief 15 minutes 4 Assignment of letter request The Chief assigns the request to the Supervising who assigns the same to the 15 minutes Chief ; Supervising 5 Evaluation / verification / computation of proposed rates The evaluates the accuracy of the statistics submitted. If there is a need, the company is called upon to reconcile the submitted statistics. Upon determining that the statistics submitted are in order, the prepares the approval letter and forwards it together with the results of evaluation to the 2 5 days depending on the nature of request I/II/Senior I C C i t i z e n s C h a r t e r 36

37 TECHNICAL SERVICES Supervising 6 Review of the recommended rates / transmittal letter The Supervising reviews the letter and the results of evaluation and forwards it to the Chief, if found in order 2 hours Supervising 7 Passing upon of recommended rates / transmittal letter The Division Chief further reviews the results, affixes her initial on the approval letter and forwards the same to the Deputy s Office 1 2 days Chief ; Deputy 8 Signing of approval letter The letter is forwarded to the for final approval 1 2 days 9 Releasing of approval letter Upon final approval by the, said letter is released to the Records Section and forwarded to the client 1 2 days ; Staff of the Records Section I C C i t i z e n s C h a r t e r 37

38 TECHNICAL SERVICES REINSURANCE DIVISION Headed by the Officer-In-Charge Ms. Evangeline M. Catapang, the Reinsurance Division, performs the following functions: o o o o Reviews/evaluates requests of authorized insurance/reinsurance companies for approval of their reinsurance treaties / agreement / cover notes / addenda/slips with unauthorized foreign reinsurers / brokers; Processes/analyzes requests of authorized insurance companies and reinsurance brokers for approval of facultative placements abroad; Acts on requests for approval of foreign exchange remittances of net profits/dividends of authorized foreign insurance companies; and Monitors compliance of insurance/reinsurance companies and reinsurance brokers with the requirements of the Amended Code and pertinent IC Circular Letters. APPROVAL OF FACULTATIVE PLACEMENTS ABROAD OF INSURANCE COMPANIES About the Service The Facultative placements to unauthorized foreign reinsurers are subject to prior approval by the Commission as required under Section 225 of the amended Code and IC Circular Letter No dated 3 March Who May Avail of the Service Companies and Reinsurance Brokers Requirements Letter request of the company Summary of Particulars of Application Underwriting Distribution of Placements Declination letters from individual insurance companies to justify placement abroad Copy of insurance policy covering the subject risk Registered resident agent of the unauthorized foreign reinsurer or broker Copy of confirmation/acceptance letter from unauthorized foreign reinsurer or broker indicating the name of assured, percentage (%) rate of share and the corresponding policy number of the accepted risk List of securities with corresponding percentage (%) of share and amount of participation if placed thru a local or unauthorized foreign broker Fees PhP5, per assured/risk Legal Research Fee: PhP50.00 Schedule of Availability of Service Mondays-Fridays (except holidays) 8:00 AM 12:00 NN; 1:00 5:00 PM I C C i t i z e n s C h a r t e r 38

39 TECHNICAL SERVICES How to Avail of the Service STEP APPLICANT/ CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE 1 Receiving of letter request and attachments The company representative submits the letter request to the Receiving Clerk in the Records Section The Receiving Clerk receives the letter and forwards the same to the Reinsurance Division 10 minutes General Receiving Clerk 2 Recording of letter request The Administrative Aide records the request in the logbook and forwards the same to the Chief 5 minutes Administrative Aide 3 Assignment of letter request The Chief assigns the request to the Supervising who assigns the same to the 15 minutes Chief, Supervising 4 Evaluation of document(s) submitted The evaluates the request, computes for fees and calls the company for payment and for submission of additional requirements Within 3 5 days from date assigned 5 Issuance of Order of Payment The company representative proceeds to the Reinsurance Division The issues Order of Payment 5 minutes 6 Presentation of Order of Payment and Payment The company representative proceeds to the Cashier for payment and presents the Official Receipt to the Reinsurance Division The Cashier accepts the payment and issues an official receipt to the company representative 5 minutes Cashier I C C i t i z e n s C h a r t e r 39

40 TECHNICAL SERVICES 7 Preparation of approval letter The prepares the letter of approval and forwards it to the Supervising 1 hour 8 Review of result of evaluation The Supervising reviews the result of evaluation, affixes initials on the letter and forwards the same to the Chief 2 hours Supervising 9 Passing upon the approval letter The Chief, after evaluation, affixes initials on the approval letter and forwards the same to the Office of the Deputy 1 2 days Chief ; Deputy 10 Signing of approval letter The letter is forwarded to the Office of the for final approval 1 2 days 11 Releasing of letter Upon final approval by the, said letter is forwarded to the Records Section for release 1 2 days ; Staff of the Records Section APPROVAL OF TREATY AGREEMENTS About the Service Treaty agreements, as required under IC Circular Letter Nos and dated 13 March 2008 and 10 March 2009 respectively, must have prior approval by the Commission. Who May Avail of the Service and Reinsurance Companies Requirements Letter request of the company Particulars of reinsurance treaties as required in Section 226 of the amended Code, submitted within 3 months from effectivity of the treaty Treaty wordings/agreements/cover notes or treaty slips including the signing schedules of both parties indicating the percentage (%) share of participation of the unauthorized foreign reinsurers Registered resident agent of the unauthorized foreign reinsurer or broker Participation or Declination letter from the National Reinsurance Corporation of the Philippines (NRCP) I C C i t i z e n s C h a r t e r 40