CL2020 87
CL2020 87
CL2020 87
BI
Manila
CIRCULAR LETTER
1
Respective Offices, and on the Movement of Timelines for the Release of
Benefits", enjoining all heads of departments, agencies, offices, and
instrumentalities of the govemment to immediately formulate and issue rules or
guidelines to be applied in areas under community quarantine, as well as
adopting and ratifying all issuances previously released by agencies pertaining to
the extension, interruption or movement of the periods and timelines set by law
for the filing of documents, conduct of proceedings, payment of taxes, fees, and
other charges, and the grant of any benefit or claim due to COVID-19 insofar as
the same are consistent with the guidelines set forth by the IATF and the
directives of the Office of the President;
WHEREAS, this Commission recognizes that with the COVID-19 crisis still
unfolding and the various declarations placing different areas in the country under
different levels of community quarantine which, in tum, affect the operations of
regulated entities and pose specific challenges to the preparation of various
regulatory documentary requirements, there is a need to relax the imposition of
penalties for delays in the submission of the said requirements and to provide
guidelines for the reduction of such penalties;
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NOW, THEREFORE, in view of all the foregoing and pursuant to the
powers granted to the lnsurance Commissioner under Section 437 of the
lnsurance Code, as amended by Republic Act No. 10607; Section 6 of Republic
Act No. 9829, othenarise known as "The Pre-Need Code of the philippines";
Section 4 of Executive order No. 192, series of 2o15; lmplementing Rules and
Regulations of Republic Act No. 9160, othennrise known as the "Anti-Money
Laundering Act of 2001 (AMLA), as amended"; and Rule 27 of the lmplementing
Rules and Regulations of Republic Act No. 10168, otherwise known as "The
Terrorism Financing Prevention and Suppression Act", the following Guidelines
on the lmposition of Penalty for the Late Filing and/or Submission of
various Regulatory Documentary Requirements by Reason of the
lmposition of Gommunity Quarantine in Different Areas in the Philippines
are hereby adopted and promulgated:
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the lifting of the
ECQ Period,
whichever comes
later
2019 AFS of HMOs (CL No. 202043) 30 June 2O20, or
forty-five (45)
calendar days after
the lifting of the
ECQ Period,
whichever comes
later
Negative List of Officers a nd Employees, Quarterly 30 June 2020
Reports on Se lected Financial Statistics (o RSFS ),
Related Party Transactions (RPT), Statement of
Paid-Up Capital, Reserves and lnvestments
(SPUCRI), Audited Annual Report for the Compilation
of the Other Financial Corporations Survey (OFCS),
and Report on Compulsory lnsurance for Agency-
Hired Workers (cL No.202043
2019 AS of Pre-Need Companies and the 2019 AS of 30 June 2O20, or
the Trust Fund/s for Each Type of Plan of Said forty-five (45)
Companies (GL No. 202043) calendar days after
the lifting of the
ECQ Period,
whichever comes
later
Status Reports Relative to IFRS 17 Covering the Forty-five (45)
Period 31 December 201 I (CL No.202047) calendar days from
the date of the
lifting of the ECQ
M aking of Necessary Form and System Cha nges and 30 July 2020
U pdating of the Regu lated Entities' Respective
Money Laundering and Terrorism Financing
Prevention Program (MTPPS) Under Section 29 of
CL No.2019-6s No.
Submission of Duly Accomplished and Certified 30 July 2020
Under Oath AML and CTF Compliance euestionnaire
Under CL No. 2020-OB (GL No.202068)
lnterim Financial Statements of HMOs for the 31 July 2020
Quarters Ending in 31 March 2020 and 30 June 2020
lC Letter dated 28 Ju
Catastrophe Exposures - Property lnsurance Reports 31 August 2020
for 2019 No.2020-75
Other regular reportorial requirements not falling 30 June 2020
within the purview of those previously mentioned (CL
No.202043
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Section 3. Reduction of Penalties. - ln accordance with CL No. 201$07, the
Commission may, upon evaluation, consider any application for the reduction of
penalties due to delays in the filing and/or submission of reportorial requirements
by reason of the imposition of community quarantine in different areas in the
Philippines and reduce the penalty imposed in an amount not exceeding thirty
percent (30%) of the total sum of the penalty.
The written application to reduce the amount of the penalty imposed shall be filed
within ten (10) calendar days from the receipt of any order or notice to pay and
must be addressed to the lnsurance Commissioner, in accordance with the form
and requirements set out in CL No. 2019-07.
FUNA
lnsu Commissioner