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ASP Exam I Readings

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A. Philippine Practice and Regulation for Individual Life Products 

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  • Insurance Code (Republic Act 10607),Chapters I, II, II-A, III to X (cover both Life and NonLife, exclude Chapter 3 Sections 202 – 214 which have been replaced Circular 65-2016 below) [in Download 2]
  • Insurance Commission, Circular Letter No. 1-2012, Investments in Mutual Funds Link [also in Download 1]
  • Insurance Commission, Circular Letter No. 16-2006, Amendments to the Guidelines on Sales Illustrations for Life Insurance Proposals. May 12, 2006 Link [also in Download 1]
  • Insurance Commission, Circular Letter No. 23-2005, Guidelines on Sales Illustrations of Life Insurance Proposals. August 3, 2005 Link [also in Download 1]
  • Insurance Commission, Circular Letter No. 27-2005, Expeditious Approval of Traditional Life Insurance Products. Pages 1-3, Annex A, C, XII-A, XII-B Link  [also in Download 1]
  • Insurance Commission, Circular Letter No. 32-2011, Expeditious Approval of Life Insurance Products. Link [also in Download 1]
  • Insurance Commission, Guidelines on Variable Life Insurance Contracts. July 2002. [in Download 1]
  • Philippine Financial Reporting Standard 4: Insurance Contracts [in Download 2]
  • Insurance Commission, Circular Letter No. 7-2012, Philippine Annual Statement Blank (includes for Non-Life Insurance)  - Student may use as reference material the Life Insurance Accounting by Noback [in Download 3]
  • Insurance Commission, New Annual Statement Blank 2017 Download
  • Insurance Memorandum Circular 68-2016 Amended Risk-Based Capital (RBC2) Framework, Dec. 28, 2016. Link
  • Insurance Commission, Circular Letter No. 12-2009. Rules and Regulations on Reinsurance Transactions, March 10, 2009. Link
  • Insurance Commission,Circular Letter No. 33-2013, Adoption and Implementation of the 2013 Market Conduct Guidelines. Link  [also in Download 1]
  • Insurance Commission, Circular Letter No. 66-2016, Valuation Standards for Life Insurance Policy Reserves Link
  • Insurance Commission, Circular Letter No. 65-2016, Financial Reporting Framework – supersedes Chapter 3 Sec 202 – 214 of the insurance code (both Life and Non-Life) Link
  • Guidance Notes on Life Reserves, Actuarial Society of the Philippines Download