Title 6 : ACTUARIES

Sec. 335. No life insurance company shall be licensed to do business in the Philippines nor shall any life insurance company doing business in the Philippines be allowed to continue doing such business unless they shall engage the services of an actuary duly accredited with the Commissioner who shall, during his tenure of office, be directly responsible for the direction and supervision of all actuarial work connected with or that may be involved in the business of the insurance company.

Sec. 336. Any person may be officially accredited by the Commissioner to act as any actuary in any life insurance company or in any mutual benefit association authorized to do business in the Philippines upon application therefor and the payment of the corresponding fee hereinafter prescribed: Provided, That: (1) he is a fellow of good standing of the Acturial Society of the Philippines at the time of his appointment and remains in such good standing during the tenure of his engagement; or (2) in the case of one who is not a fellow of the Acturial Society of the Philippines, he meets all the requirements of the said Society for accreditation as a fellow of the Society, and has been given permission by the pertinent government authorities in the Philippines to render services in the Philippines, in the event that he is not a citizen of the Philippines.

No certificate of registration issued under this title shall be valid after the thirtieth day of June of the year following its issuance unless it is renewed. (As amended by Presidential Decree No. 1455).

Sec. 337. The following documents, which are from time to time submitted to the Commissioner by a life insurance company authorized to do business in the Philippines, shall be duly certified by an accredited actuary employed by such company:

1. Policy reserves and net due and deferred premiums.

2. Statements of bases and net premiums, loading for gross premiums, and on non-forfeiture values and reserves, when applying for approval of gross premiums, reserves and non-forfeiture values.

3. Policies of insurance under any plan submitted to the Commissioner as required by law.

4. Annual statements and valuation reports submitted to the Commissioner as required by law.

5. Financial projection showing the probable income and outgo and reserve requirements, enumerating the acturial assumptions and bases of projections.

6. Valuation of annuity funds or retirement plans.

Any life insurance company authorized to do business in the Philippines may employ any person who is not officially accredited under either of the qualifications for any kind of acturial work, provided that he shall not, at any time, have the authority to certify to the correctness of the foregoing documents.

Sec. 338. No accredited actuary shall serve more than one client or employer at the same time. However, one already in the employ of an insurance company may be allowed by the Commissioner to serve a mutual benefit association or any other insurance company, provided the following conditions are first complied with: (a) that the request to engage his services by the other employer is in writing; (b) that his present employer acquiesced to it in writing; and (c) that he furnishes the Commissioner with copies of said request and acquiescence.