ON ANNUAL PRE-NEED RESERVE VALUATION REPORT OF PRE-NEED COMPANIES
Every pre-need company shall annually determine its reserve requirement and contractual liabilities
Every pre-need company shall submit to the Insurance Commission its Pre-need Reserve Valuation Report, Audited Financial Statements, and its Statement of Trust Fund
The Insurance Commission is authorized to suspend or revoke all certificates of authority granted to such pre-need company
DUTIES OF ACTUARIES FOR PRE-NEED COMPANIES
An actuary is a person who has been trained for calculating premiums, dividends, pensions reserves, employee benefits and risks
An actuary may be held liable to the pre-need company
An actuary may be disaccredited by the Insurance Commission
ON VALUATION OF RESERVE LIABILITIES OF THE PRE-NEED COMPANY
An annual pre-need reserve valuation report by the pre-need company shall be submitted to the Insurance Commission
Any deficiency in the fund shall be covered by the pre-need company
In case of an excess of the fund over the reserve liability, the excess shall be credited for future deposit requirements
ON INVESTMENT OF THE TRUST FUND UNDER THE PRE-NEED CODE OF THE PHILIPPINES
To ensure the liquidity of the trust fund, all investments of the trust fund/s of a pre-need company shall be limited
Investments in duly registered collective instrument instruments such as mutual funds are allowed
Trust fund/s may be invested in fixed income instruments, equities and real estates
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