MANUAL ON CORPORATE GOVERNANCE
(Supplementary to the Code of Ethics for Employees)
CORPORATE VISION/MISSION
VISION
To be a good, reliable, and respectable Reinsurance Broker of Integrity and Professionalism.
MISSION
1. To be able to able to gain the respect and trust of both clients and reinsurers including those of regulators through honest and
efficient service and compliance with obligations.
2. To attain and/or improve technical knowledge and competence in the reinsurance business
3. To provide decent livelihood to its employees and to generate earnings for the Company
MARKETING PROGRAMS
1. Visitations to local clients shall be done on a regular basis.
2. Likewise, visitations to reinsurers both here and abroad shall be done regularly
3. Apart from visitations, constant communication with clients and reinsurers must be made through telephone, social media and other
digital means.
4. There shall be continuing efforts to build the Company’s reputation and goodwill through its fast and efficient service and prompt
compliance with its obligations.
5. Take advantage of whatever marketing opportunities that may arise.
LINE OF AUTHORITY
The line of authority and chain of command shall be: from the Board of Directors, to the President;
from the President to the General Manager/Underwritng Officer/Finance officer and from these
key employees to their respective staff.
ADMINISTRATIVE, UNDERWRITING, & ACCOUNTING PROCEDURES & POLICIES
1. The administrative, underwriting and accounting functions of the Company shall be under the supervision of the General Manager subject
to review and approval of the President
2. All transactions shall be supported by vouchers and/or other supporting documents
3. Such vouchers and/or supporting documents shall be reviewed /approved by the GM and/or the President before being recorded in the computers.
4. Premium collectibles and payables shall be monitored regularly and must be promptly collected or paid on time.
5. All mandated reports required by regulators shall be complied with and and submitted on time
6. Cashflow must be monitored and investment opportunities shall be maximized in government securities.
7. Company shall evaluate credentials, reliability and reputation of clients and reinsurers before doing business with them.
8. GM/Underwriter shall evaluate for desirability and acceptability of the risks for placement as if he/she were underwriting the
risks for the reinsurer/s
9. GM/Underwriter shall handle the negotiations and placements of facultative businesses.
10. Both the President and the General Manager shall work together in the negotiation, placement and documentation of treaty businesses
11. Facultative binders shall be monitored, gathered and transmitted to reinsurers on time.
12. Pertinent information including the performance of the Company shall be disseminated to the Board and to all concerned.
13. Economic, political, social and environmental events and developments that could affect the Company’s business must be noted, discussed
and disseminated to all concerned including the Board members.
14. The General Manager shall implement and monitor the compliance of the Code of Ethics.
15. The General Manager shall monitor and evaluate the performance of all employees
16. The General Manager and the bookkeeper shall ensure that bank reconciliations are done regularly every month
17. Annual discussions with the external auditor shall be done regularly.
18. Preliminary and Final Loss advices should be logged, reviewed and evaluated and shall be transmitted promptly to reinsurers concerned.
19. Loss Advices shall be monitored regularly and followed up for appropriate actions.
20. Related party transactions (RPTs) shall be properly recorded and treated with objectivity and on an arms-length basis.
21. Disclosures of related party transactions shall be made to concerned parties if deemed necessary or as required.
22. In all its activities, the Board through the President shall always set the tone in implementing its culture of professionalism and
integrity in the conduct of the Company’s business.