PHI INS Non-Life, Reinsurer Reporting

On May 31, PHI INS issued circular regarding reporting requirements.

  • PHI INS said all non-life insurance companies must submit disaster risk financing insurance (DRFI) reports, premium and risk register (PRR) reports, using templates.
  • Follows PHI INS Jun. 2020 issued circular on filing catastrophe reports, see #80820.
  • Reporting Requirements
  • DRFI, PPR reports must be submitted via online portal by Apr. 30 of succeeding year.
  • Consistency between the data reported in DRFI, PRR, and annual statements is required; starting 2024, submissions must use the templates specified in this circular.
  • Late, incomplete, incorrectly encrypted or wrong data submissions will be subject to penalties; transitional provision allows submissions for 2023 data using old templates.
  • Effectiveness
  • The circular will take effect on May 31, 2024.
  • Companies shall submit DRFI and PRR reports covering year 2023 using prescribed templates on/before Jul. 31, 2024; Apr. 30, 2025 is a subsequent reporting deadline.

Regulators PHI INS
Entity Types IB; Ins
Reference Cir Lt No. 2024-14, 5/31/2024
Functions Compliance; Financial; Reinsurance; Reporting; Risk; Treasury
Countries Philippines
Products Insurance; Insurance-Casualty; Insurance-Health; Insurance-Property
Regions AP
Rule Type Final
Rule Date 5/31/2024
Effective Date 7/31/2024
Rule Id 214294
Linked to Rule :80820
Reg. Last Update 5/31/2024
Report Section International

Last substantive update on 06/05/2024