Guidelines governing the submission of quarterly and annual reports by life insurance, non-life insurance and pre-need companies were recently issued for the purpose determining the financial sector’s health.
In a statement released during the weekend, the Insurance Commission said the rules would be used for the compilation of the Other Financial Corporation Survey (OFCS).
When consolidated with the Depository Corporation Survey, the OFCS will complete the monetary statistics framework and provide a comprehensive measure of the claims and liabilities of the financial industry.
The commission said the expansion to include OFCs would comply with the International Monetary Fund’s Special Data Dissemination Standard (SDDS) Plus.
Earlier this year, the commission entered into a memorandum of agreement with the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and the Governance Commission for Government-Owned and -Controlled Corporations to collect data from the OFC sub-sector.
“The compilation of OFCS begins with the construction of the balance sheet for the OFCs sub-sector,” Insurance Commissioner Dennis Funa noted.
“As part of this statistical undertaking, the Insurance Commission, in coordination with the BSP, developed three sets of reporting templates for life insurance, non-life insurance, and pre-need companies that will facilitate the consolidation and analysis of the OFCS,” he added.
The templates cover data needed by the BSP to compile the OFCS.
“In order to meet the additional reporting requirement of the IMF, the IC imposed the specific deadlines set forth under the Circular Letter addressed to all life insurance, non-life insurance, and pre-need companies,” Funa said.
The reports to be submitted must be made using the reporting templates and accompanied by a Statement of Changes in Equity and certification by an officer of the company with the rank of at least Vice-President.
Preparations for the generation of annual and quarterly data series are expected to start this December.
The SDDS Plus, meanwhile, completes the three tiers of the IMF’s data standards initiative. The first tier is the SDDS and the second tier is the General Data Dissemination Standard.
The Philippines has been enjoying “good statistical citizenship” since it subscribed to the SDDS in 1996, the commission said.
Maintaining this status means complying with additional reporting requirements under the SDDS Plus, it added.