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IC extends deadline for HMOs’ financial statements to June 30

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Insurance Commission (IC)
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HEALTH MAINTENANCE organizations (HMOs) can now submit their audited financial statements until June 30 from the original May 31 deadline as a relief for companies affected by the coronavirus disease 2019 (COVID-19) pandemic, the Insurance Commission (IC) said.

“Audited financial statements (AFS), together with the supporting documents for the year 2019 shall be accepted until 30 June 2020 without imposing any penalty,” Circular Letter (CL) No. 2020-21 issued on Thursday read.

The directive also extended the deadline for submission of interim financial statements for the quarter ending March 31 to May 15 from the original April 15 deadline.

“These travel restrictions and temporary suspension of business operations pose specific challenges on the preparation of 2019 AS and 2019 AFS and other financial reportorial requirements,” the circular read.

Earlier, the insurance regulator issued CL 2020-12 saying “all regular reportorial requirements falling due within the community quarantine period” should be extended by 30 days.

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IC also extended the deadline of 2019 AFS submission for insurance and reinsurance brokers to June 30 from the original May 31 deadline.

The IC had ordered insurance firms and HMOs to extend for at least 30 days current policies and agreements expiring during the month-long enhanced community quarantine period.

Several life insurance companies have adopted general relief measures for policyholders, such as grace periods for premium payments and the inclusion of COVID-19 under the critical illnesses covered.

Luzon is under enhanced community quarantine until April 12, restricting movement to essentials, to slow the spread of the virus. — B.M. Laforga

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