insurance authority circular 21 of 2019
102, 103, 104, 105 and 106 dated September 16, 2011, Dissemination of AMLC Resolution No. Insurance Development and Regulatory Authority (IDRA) Published IDRA Job Circular 2020. 9160, OTHERWISE KNOWN AS THE ANTI-MONEY LAUNDERING ACT OF 2001", AS AMENDED", GUIDELINES ON THE ADOPTION OF A REGULATORY SANDBOX FRAMEWORK FOR FINANCIAL TECHNOLOGY (FINTECH) INNOVATIONS FOR HEALTH MAINTENANCE ORGANIZATIONS (HMOS) AND PRE-NEED COMPANIES, GUIDELINES ON ELECTRONIC COMMERCE OF HMO PRODUCTS, GUIDELINES ON ELECTRONIC COMMERCE OF PRE-NEED PRODUCTS, GUIDELINES IN THE CONDUCT OF OFF-SITE SPECIAL QUALIFYING INSURANCE AGENTS’ EXAMINATIONS IN CEBU CITY AND DAVAO CITY, PREPAID FACILITATION FEES ARISING FROM BANCASSURANCE ARRANGEMENTS AS NON-ADMITTED ASSETS, GUIDELINES ON THE ELECTRONIC SUBMISSION OF REQUESTS FOR INVESTMENT APPROVAL, COMPLIANCE WITH SECURITY DEPOSIT REQUIREMENTS AND FILING OF REPORTORIAL REQUIREMENTS (, REFERENCE FOR VALUATION OF PUBLICLY LISTED EQUITIES AND THE FOREIGN CURRENCIES EXCHANGE RATES AS OF YEAR-END 2020, AMENDMENT OF THE STANDARD CHART OF ACCOUNTS (SCA) FOR MUTUAL BENEFIT ASSOCIATIONS (MBAs) - (, DISCOUNT RATES FOR LIFE AND NON-LIFE INSURANCE POLICY RESERVES AND RESERVES FOR LONG-TERM CONTRACTS OF HEALTH MAINTENANCE ORGANIZATIONS (HMO) AS OF 31 DECEMBER 2020, REVISED GUIDELINES ON THE DECLARATION AND/OR DISTRIBUTION OF DIVIDENDS, GUIDELINES IN THE CONDUCT OF OFF-SITE SPECIAL QUALIFYING INSURANCE AGENTS’ EXAMINATIONS, DISSEMINATION OF THE AMLC ADVISORY NO. The tax authority issued a circular (No. (¢ 10607, Otherwise Known As "The Amended Insurance Code", Promulgating the Guidelines on Submission and of Approval of Non-life Insurance Products/Policies by Insurance Companies and Insurance Industry Associations, Amendments to Circular Letter No. 24-A dated March 9, 2011, Dissemination of AMLC Resolution No. 10-C dated January 24, 2013, Dissemination of AMLC Resolution No. 2020-46 DATED 22 APRIL 2020, ON "GUIDELINES GOVERNING INITIATIVES OF LIFE INSURANCE COMPANIES TO SELL LIFE INSURANCE PRODUCTS TO THE PUBLIC DURING THE ENHANCED COMMUNITY QUARANTINE ('ECQ') PERIOD DUE TO THE COVID-19 PANDEMIC", EXTENSION OF EFFECTIVITY OF CIRCULAR LETTER NO. 2013 - 25 Creating Additional Committees, Participation in the 3rd Philippine Non-Life Insurance Stakeholders Convention and 3rd Philippine Non-Life Awards or Otherwise Known as PIRA Awards, Amendment to the Revised Template of Trust Agreement, Advisory Committees for the Implementation of R.A. No. 2018-72 dated 28 December 2018 on Guidelines on Business Process Outsourcing (“BPO”) Activities of Insurers/Reinsurers, Reference for Valuation of Publicly Listed Equities and the Foreign Currencies Exchange Rates as of Year-End 2018, Discount Rates for Non-Life Insurance Policy Reserves as of 31 December 2018, Discount Rates for Life Insurance Policy Reserves as of 31 December 2018, Guidelines for Investments in the Infrastructure Projects under Philippine Development Plan (PDP), Guidelines on Investments in Purchase of Accounts and/or Loans Receivables, Guidelines on Business Process Outsourcing (“BPO”) Activities of Insurers/Reinsurers, Amendment to Circular Letter No. 2020-12 on Suspension of Automatic Approvals of Transactions and/or Applications or Requests for Services, Guidelines Governing Initiatives of Life Insurance Companies to Sell Life Insurance Products to the Public During the Enhanced Community Quarantine (“ECQ”) Period Due to the COVID-19 Pandemic, A Call to Provide Relief and Assistance Programs to Aid Sales Agents that Earn on Commission Basis During this COVID-19 Pandemic, Extension of Period Under Circular Letter No. 1.2 With the above background, this Master Circular is issued under Section 34 (1) of the Insurance Act, 1938 read with Section 14 (1), 14 (2) (e) of the IRDA Act, 1999, to protect the interests of the insuring public, enhance their level of confidence on the nature of sales material used and ultimately encourage fair business practices. Prashant Baijal, Deputy Director, Regional Office, ESIC, HP to Ministry of Labour & Employment, New Delhi up to 31.12.2019 in 2015-33 Providing the Rules and Regulations for Accreditation of Non-Life Actuaries, Guidelines on the Management of the Trust Fund Surplus of Pre-Need Companies, Investments Under Investment Management Agreement (IMA), Directing the Inclusion of the Word "Plan" or "Plans" to Form Part of a Pre-Need Company's Corporate Name, Expectations of the Insurance Commission (IC) for an Effective External Audit Function, Fees Relative To: (1) The Applications for Grant of Authority to Private Insurance and Surety Companies to Act as Sureties in Government Transactions Pursuant to Act No. CORE VALUES The Authority shall, at all times, uphold the following values; Integrity , Innovation , Resilience Vision A model regulator of a developed and secure insurance industry. Documents Required of Insurance Companies/Reinsurance Brokers to Accompany Requests for the Certifications to be issued by the Insurance Commission relative to Foreign Exchange Applications for Remittance of Net Profits, Reinsurance Premia and Payment of Loss Claims. Introduction 1.1 This Circular is, except during December, published on a weekly basis and contains the advertisements of vacant posts and jobs in Public Service departments. This circular letter supplements Insurance Circular Letter No. 120 and 130 dated October 18, 2011 and November 17, 2011, Dissemination of AMLC Resolution No. 14 of 2019 (“the Circular) providing guidance to the taxpayers on transitional provisions for implementing the new Tax Law (i.e. 19, CLASSIFYING MUTUAL BENEFIT ASSOCIATIONS (MBAS) AS HEALTH INSURANCE PROVIDERS UNDER IATF-EID RESOLUTION NO. 2017-12 re Company Account Registration Form, Examination Batch (Schedule), and Retake Mechanism, Discount Rates for Life Insurance Policy Reserves as of 30 June 2018, Discount Rates for Non-Life Insurance Policy Reserves as of 30 June 2018, Guidelines on Requests for Financial Documents of Regulated Entities, Rules on Number of Seats, Qualifications and Term Limits of Independent Directors, Amendment to the Provisions of Circular Letter No. 39-A and 40-A both dated May 3, 2011, Dissemination of AMLC Resolution No. The Official Portal for Insurance Authority UAE, Provides variuos services on Insurance Domain. 115 and 116 both dated December 9, 2009, Qualifying Examinations for Agents - 2009, Dissemination of AMLC Resolustion Nos. (¢ 59, series 2005 dated June 1, 2005, Qualifying Examinations for Insurance Agents, Submission of Interim Quarterly Reports on Selected Financial Data, Period of Reporting Covered and Suspicious Transactions, Compliance with Know-Your-Customer (KYC) Minimum Requirements, Circular Letter No. 24 of 2018 (“the new Tax Law), the General Tax Authority (“GTA”) has recently issued Circular No. (¢ USO/22/2021. This rate will apply to contracts concluded on or after 13 December 2018. Circular on "Working Group to examine and recommend linking of motor insurance premium with traffic violations" on 6 September 2019. 3 dated January 14, 2009, EXAMINATION/VERIFICATION RULES AND PROCEDURES ON PAID-UP CAPITAL AND NETWORTH COMPLIANCE, FILING OF 2008 AUDITED FINANCIAL STATEMENTS, RULES AND REGULATIONS ON REINSURANCE TRANSACTIONS, Dissemination of AMLC Resolution No. 2020-60 DATED 15 MAY 2020 ON "REGULATORY RELIEF ON NET WORTH REQUIREMENTS AND GUIDELINES ON THE IMPLEMENTATION OF AMENDED RISK-BASED CAPITAL (RBC2) FRAMEWORK FOR CALENDAR YEAR 2020", AMENDMENT TO SECTION 5 OF CIRCULAR LETTER NO. DATE ISSUED: 11 OCTOBER 2019 1. Covered Transaction Reports (GTRs) and Suspicious Transaction Reports (STRs). 2, SERIES OF 2020, ON EXTENSION OF DEADLINE FOR COMPLIANCE WITH THE DIGICUR, DISSEMINATION OF ANTI-MONEY LAUNDERING COUNCIL'S ADVISORIES ON SUBMISSION OF CTRS, STRS, AND KYC DOCUMENTS DURING THE ECQ PERIOD. job team in Bangladesh Insurance Development and Regulatory Authority (IDRA) . 10607, Guidelines for the Approval of Personal Equity Retirement Account (PERA) Investment Products, Guidelines for the Implementation of Alternative Dispute Resolution Mechanisms for Microinsurance (ADReM) Involving Commercial Insurance Companies, Guidelines for the Implementation of Alternative Dispute Resolution Mechanisms for Microinsurance (ADReM) Involving Cooperative Insurance Societies, Guidelines for the Implementation of Alternative Dispute Resolution Mechanisms for Microinsurance (ADReM) Involving Mutual Benefit Associations, Procedures for Accreditation of Mediators-Conciliators in Alternative DisputeResolution for Microinsurance(ADReM), Dissemination of AMLC Resolution No. Insurance Development & Regulatory Authority (IDRA) published a job circular in 2020 for Bangladeshi people. 96 dated October 13, 2010, Dissemination of AMLC Resolution No.95 dated October 13, 2010, EXCHANGE OFFER FOR HOLDERS OF TREASURY BONDS (EXCEPT ZERO-COUPON BONDS) MATURING FROM 2011 - 2034 FOR NEW 10-YEAR BENCHMARK BONDS DUE 2021 AND NEW 25-YEARS BENCHMARK BONDS DUE 2035, Dissemination of AMLC Resolution No. 2018-51 dated 15 October 2018, Compliance with the Provisions of Republic Act No. 84 of Republic Act 10607, Otherwise Known as "The Insurance Code of the Philippines, as Ammended", Transitory Period for (a) Renewal and Validity of Existing Licenses, Certificates of Authority or Accreditation and (b) Issuance and Periods of Validity of New Licenses, Certificates of Authority or Accreditation under the amended Insurance COde (R.A. No. 2016-69 “Implementation Requirements for Financial Reporting, Valuation Standards for Insurance Policy Reserves and Amended Risk-Based Capital (RBC2) Framework, Valuation Standards for Non-Life Insurance Policy Reserves (, Standard Chart of Accounts (SCA) - Brokers, Guidelines in the Conduct of Off-Site Regular and Special Qualifying Insurance Agent’s Examinations for the Calendar Year 2018, Amendment to item 11.B.1.d.iii. 2015-05 dated 05 February 2015 on the Submission of the Names and Contact Details of AMLA Compliance Officer and Alternate Compliance Officer, Filing of 2014 Annual Statements (for MBAs), Filing of 2014 Annual Statements (for Life), Changes in the Approved Non-Life Insurance Policy Forms, Directing the Proper Identification of Insurance Agents for the Benefit of the Public, Rules and Regulations on Consolidation and Merger of Insurance Companies, Implementing Guidelines on Indemnification under Section 437 of Republic Act No. 2017-19 on the Guidelines on the Approval of HMO Products and Forms Affecting Long-Term HMO Products and Corresponding Prohibition on the Sale Thereof, Supplement to Circular Letter No. GC 02-2019 Pro rata refund of premiums for individually sponsored members. Insurance Development and Regulatory Authority (IDRA) job circular 2019 has been converted to an image file for the people. 18 dated March 18,2009, Quarterly Report on Selected Financial Statistics, Dissemination of AMLC Resolution No. 2019-12, Amendment to Circular Letter No. 580 DATED 22 APRIL 2020 ISSUED BY THE DEPARTMENT OF BUDGET AND MANAGEMENT ("DBM"), DISSEMINATION OF THE ANTI-MONEY LAUNDERING COUNCIL (AMLC) REGULATORY ISSUANCE A, B, AND C NO. 2017-19 and the Provisions of Circular Letter No. 01 dated January 16, 2006, THREE (3)-YEAR COMPULSORY THIRD PARTY LIABILITY (CTPL) POLICIES, Implementation of the New Insurance Commission's Licensing System, Submission of Anti-money Laundering Self-rating Form, AMLC RESOLUTION NO. Online services. (¢ In light of the long term nature, complexity and increasing popularity of annuity insurance products, the Hong Kong Monetary Authority (“HKMA”) Bangladesh Insurance Development and Regulatory Authority (IDRA) is the best service in Bangladesh. 2015-43 dated 07 August 2015, Changing the Term "Excess Liability Reserves of Closed Account" to "Excess Trust Fund Corresponding to the Closed Accounts" and Providing Additional Guidelines and Requirements for Requests for the Withdrawal of the Excess Trust Fund Corresponding to the Closed Accounts, Rules in the Application of Section 408 Paragraph 3 of the Amended Insurance Code on Free and Unassigned Surplus, Authority of the Insurance Commission to Assume Jurisdiction Over Complaints Against Insurance Agents Terminated Due to Settlement / Compromise, Supplement to IC Circular Letter No. 11521 ENTITLED "AN ACT FURTHER STRENGTHENING THE ANTI-MONEY LAUNDERING LAW, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 2017-19 “Guidelines on the Approval of HMO Products and Forms", Amendment to Circular Letter No. 48, Series of 2016, dated 15 June 2016, Loans to Partner MicroFinance Institutions (MFIs), Guidelines on the Issuance of Certifications under R.A. No. 2018-54A, Filing of 2018 Annual Statement – Non-Life Companies (, Filing of 2018 Annual Statement – Mutual Benefit Associations (MBAs) (, Revised Annual Statement – Life Insurance Companies (, Filing of 2018 Annual Statement – Life Insurance Companies (, Guideline and Grounds for the Reduction of Penalties due to Delays in the Submission of Reportorial Requirements, Submission of Quantitative Impact Assessment Report relative to the Regulatory Relief provided to the Pre-Need Industry (, Quarterly Reports on Selected Financial Statistics (, Adoption of New Business Annual Premium Equivalent (NBAPE) of Life Insurance Companies as a Statistical Output, Amendment to Circular Letter No.