On Mar. 18, 2025, PHI INS issued a circular letter to health maintenance organizations (HMOs), which sets out similar requirements as the circular letter above for insurers.
HMOs shall adopt PFRS 17 in AFS for submission to PHI SEC from Jan. 1, 2027, but are permitted early adoption beginning Jan. 1, 2025; quarterly status reports are required.
Companies implementing PFRS 17 shall have additional schedule in annual statements.
On Mar. 11, PHI INS issued circular on application of PFRS 17 to AFS.
PHI INS issued circular on application of PFRS 17 in the audited financial statements (AFS) and preparation of PHI INS reportorial requirements for insurers and reinsurers.
Financial and Sustainability Reporting Standards Council (FSRSC) and Professional Regulatory Board of Accountancy (PR-BOA) have set new effectivity date for PFRS 17.
All companies shall adopt PFRS 17 in their AFS for submission to PHI SEC from Jan. 1, 2027; however, they are allowed to adopt PFRS 17 early, beginning Jan. 1, 2025.
Companies applying PFRS 17 in their AFS shall provide a supplemental report covering specific insurance and reinsurance asset and liability accounts; template provided.
All companies shall continue to prepare quarterly financial reporting framework (FRF) report, actuarial valuation report (AVR) and risk-based capital (RBC2) workbook.
PFRS 17 Status Report
All companies shall submit PFRS 17 status report as of Mar. 31, 2025, and PFRS 17 implementation affidavit of undertaking as part of annual statement, by Apr. 30, 2025.
Specifies the content, submission schedule of future quarterly PFRS 17 status reports.
Specifies schedule of PFRS 17 quantitative impact assessment (QIA) templates.
PFRS 17 Valuations
Companies implementing PFRS 17 shall have additional schedule in annual statements.
This schedule shall detail the changes or movements in the PFRS 17 reserve valuations, which shall form part of the PHI INS's reserve requirements.
Effectiveness
Companies shall submit PFRS 17 status report as of Mar. 31, 2025, and PFRS 17 implementation affidavit of undertaking by Apr. 30, 2025.
Adoption of PFRS 17 will be effective from Jan 1, 2027.
Mar. 18, 2025 Health Maintenance Organizations
On Mar. 18, 2025, PHI INS issued a circular letter to health maintenance organizations (HMOs), which sets out similar requirements as the circular letter above for insurers.
HMOs shall adopt PFRS 17 in AFS for submission to PHI SEC from Jan. 1, 2027, but are permitted early adoption beginning Jan. 1, 2025; quarterly status reports are required.
Companies implementing PFRS 17 shall have additional schedule in annual statements.
