The Insurance Commission recently released CLIMBS approved 2015 (Synopsis) Annual Statement. This is to confirm that CLIMBS is compliant to the provision of Section 231 of the Amended Insurance Code (RA 10607) and CLIMBS Certificate of Authority to sell life and non-life insurance products.
The four requirements set by the Insurance Code are net worth (Section 194), capital investment (Section 209), reserve investment (Section 212) and risk based capital ratio (IMC No. 6-2006 and 7-2006).
Early this year, the Insurance Commission implemented the new financial reporting framework (FRF) such as reserves valuation base on gross premium (from net premium) and RBC 2.
CLIMBS 2015 Synopsis was published in the Manila Bulletin as required by IC pursuant to Section 231 of the Amended Insurance Code on June 15, 2017.
To view CLIMBS 2015 Synopsis, click here.