Friday, November 24, 2017

Philippine insurers to submit regular reports to IMF

Insurance and pre-need companies in the Philippines will soon be required to submit their quarterly and annual reports to the International Monetary Fund (IMF).

The Philippines Insurance Commission has signed the guidelines for such submissions.

Insurance Commissioner Dennis Funa said the guidelines cover life and non-life insurance companies, including pre-need companies.

All such companies will be required to submit their reports to the IMF’s Other Financial Corporation Survey (OFCS).

The reports will form part of a financial database underpinning the development of the IMF’s Special Data Dissemination Standard Plus.

The OFCS is an analytical survey that will complete the monetary statistics framework and provide a complete measure of the claims and liabilities of the entire financial sector.

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