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    CL2006 29

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    iccebu
    The document provides guidance from the Insurance Commission of the Philippines on strict implementation of minimum rates for earthquake, fire, shock, typhoon and flood insurance. It reminds all non-life insurance companies in the Philippines to comply fully with the provisions set in Circular 24-2006. It clarifies the policies that the minimum rates apply to and those that are excluded. It also provides additional details on compliance.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    CL2006 29

    Uploaded by

    iccebu
    4 views2 pages
    The document provides guidance from the Insurance Commission of the Philippines on strict implementation of minimum rates for earthquake, fire, shock, typhoon and flood insurance. It reminds all non-life insurance companies in the Philippines to comply fully with the provisions set in Circular 24-2006. It clarifies the policies that the minimum rates apply to and those that are excluded. It also provides additional details on compliance.

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    CL2006_29

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    The document provides guidance from the Insurance Commission of the Philippines on strict implementation of minimum rates for earthquake, fire, shock, typhoon and flood insurance. It reminds all non-life insurance companies in the Philippines to comply fully with the provisions set in Circular 24-2006. It clarifies the policies that the minimum rates apply to and those that are excluded. It also provides additional details on compliance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    4 views2 pages

    CL2006 29

    Uploaded by

    iccebu
    The document provides guidance from the Insurance Commission of the Philippines on strict implementation of minimum rates for earthquake, fire, shock, typhoon and flood insurance. It reminds all non-life insurance companies in the Philippines to comply fully with the provisions set in Circular 24-2006. It clarifies the policies that the minimum rates apply to and those that are excluded. It also provides additional details on compliance.

    Copyright:

    © All Rights Reserved
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    of 2

    Eead Otlce:

    Re,public of the Philigrines


    P. O. Box3589 lvtanila
    Depaf,tment of Finance
    INSIJRANCE COMMISSION FN(No 522-l+34
    TeL Nc. 523-84tr,11o70
    l(Ill United Nations Avenue
    Manila E-mail: [email protected]

    Gircular Letter No. : 2g'2OOo


    Date ; 07trln006

    CIRCULAR LETIER

    TO ALL NON{.IFE INSURANCE COTPANIES DOING


    BUSINESS IN THE PHIUPPINES

    SUB'ECT : STRICT IiilPLEMENTATION OF THE ilIINMUM RATES


    FOR EARTHQUAKE FIRE AND SH@K AND TYPHOON
    AND FL@D

    please be reminded that this Commision requires and e)Qects full complianoe
    with the provisions of lC Circular 24-20[f| dated May 26, 2006 on the above.

    please be clarifid that the minimum Earthquake and Typhq)n and Flood rates
    shail apply to all policies under the Fire, Engirye{ry, od Casualty Lines which
    @ver tfub aUove mentiond perils, including but not limited to:

    . lndustialAll Risks Policies


    o CommercialAll Risks Policies
    o Eldronic EquiPment lnsuranm
    o Homeowners and Commercial Package Policies
    . Equipment Floater Policies
    The Circular Z*ZclAO datd May 26, 20(E does not apply to:

    o ConEactonAll Risks lnsurance


    . Erecilion All Risks lnsuranca
    r Residential Risks as defind under ltems 4.1.1 arrj 4.2.1 (for BuiHing
    occupid as 1 to 4, Family Dwelling Units, Zone 'l & 2) of the PIRA Fire
    Manual
    . Risks Rated underthe Motor Tariff

    'fi'-
    t':eilir; ..
    $3Mfki*,,,n,., \ 0,rr[*r,,-/,.t/r--
    s AU0 ?|1@ re
    F,Pi,.W :
    0c03147
    t,*'

    ali? oo'

    ll1 SS^LSBP=?
    a.

    -
    )p t
    n
    t_/

    Please also be advised that:

    1. The two-tiered rating slatem statd under Section 1.1.0 of the PIRA Fire
    Manual General Tariff Regulations ltem 1.1.6 is suspended in view of the
    applietion of the minimum Earhquake and Typhoon/Flood rates.

    Local policies issued under Global anangements and Properties located in


    the Philippines shall be required to omply with the minimum rates
    provisions.

    Non-liquidation of any stock declaration policy which oovers earthquake,


    tlryhoon and/or flood within 60days from expiry of the policy shall likewise
    be coneidered a violaton of the Circular.

    This Circular takes effect for all policies wtth inception date of August 1, 2006 and
    onwards.

    For strict compliance.

    Ar.rrrr[rrnr-
    EIiIEfoE
    lnsurane Gommissioner

    [,CI09"t 4 ?

    Seoetary Margartto B. Teve


    Departnent of Finance

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