A PPROVAL OF I NVESTM ENTS

F INANCIAL I NSTITUTIONS

OF

I NSURANCE C OM PANIES

AND

O THER

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 Insurance Commission (IC),
pursuant to the Amended Insurance Code and the Pre-Need Code and applicable
Circular Letters issued by IC.

Who May Avail of the Service

Insurance 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

Fees
Legal Research
Fund Fee
Approval of Investment Management Agreement
a. Insurance, MBA

PhP10,000.00

PhP100.00

b. Micro MBA

PhP5,000.00

PhP50.00

PhP5,000.00

PhP50.00

Approval of Trust Agreement of Pre- Need Cos.

Investment products of banks and financial institutions

a. Local investments

PhP5,000.00

PhP50.00

b. Offshore investments

PhP15,000.00

PhP150.00

a. Local investments

PhP5,000.00

PhP50.00

b. Offshore investments

PhP10,000.00

PhP100.00

Investment products by insurance companies

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

The company
representative
presents the
documents to
the Records
Section

The Action Officer

records/logs the documents

Presentation
2 of Letter of
Request

The company
representative
proceeds to the
ISD and
presents the
Letter of
Request

The Insurance Specialist

receives the letter and
checks/verifies the attached
supporting documents for
completeness, computes for
fees and issues Order of
Payment

Within 30
minutes

Action Officer

Presentation
of Order of
3
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

Presentation
of Official
Receipt and
submission of
4 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 Action Officer records

the request in the logbook
and forwards the same to
the Chief Insurance
Specialist

5 minutes

Action Officer

Recording of
Documents

Assignment
of request

Evaluation/
Processing
6 of request
based on
document(s)
submitted

The Chief Insurance

Specialist assigns the
request to the Supervising
Insurance Specialist who
assigns the same to the
Insurance Specialist
The Insurance Specialist
evaluates and processes the
request. Based on the result
of evaluation, the Insurance
Specialist prepares the letter
of transmittal and forwards
the same to the Supervising
Insurance Specialist

Action Officer

Within 10
minutes

Within 3 10
days
depending on
the complexity
of the request

Chief
Insurance
Specialist;
Supervising
Insurance
Specialist

Insurance
Specialist

Review of
7 transmittal
letter

The Supervising Insurance

Specialist reviews the letter
and the results of
evaluation,affixes initial and
forwards it to the Chief
Insurance Specialist

Within 1 3
hours

Supervising
Insurance
Specialist

Passing
upon of
8
transmittal
letter

The Chief Insurance

Specialist further reviews the
results, affixes initials on the
transmittal letter, and
forwards the same to the
Office of the Deputy
Insurance Commissioner for
approval

1 2 days

Chief
Insurance
Specialist;
Deputy
Insurance
Commissioner

Signing of
9 transmittal
letter

The letter is forwarded to the

Office of the Insurance
Commissioner for final
approval and signature

1 2 days

Insurance
Commissioner

Releasing of
10
letter

Upon final approval by the

Insurance Commissioner,
said letter is forwarded to the
Records Section for release

1 2 days

Action officer;
Staff of the
Records
Section