Summary
RMC No. 7-2010 publishes the full text of the Memorandum of Agreement (MOA) among the BIR, the Land Transportation Office (LTO) and the Insurance Commission (IC), signed on January 20, 2010, on monitoring Certificates of Cover (COCs).
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Key points
- Insurance Commission. The IC hosts and maintains the IC COC Gateway (ICG) to record and monitor all COCs for Compulsory Third Party Liability (CTPL) and Motor Car Comprehensive Insurance coverage. It interconnects with the LTO’s Enhanced Certificate of Cover Verification Facility (ECOCVF).
- Filing of COCs. The IC requires accredited insurance companies to file COCs for CTPL and Comprehensive Insurance policies into the ICG. It imposes administrative sanctions on insurance companies and their directors, officers and agents for willful failure, refusal or violation.
- LTO. The LTO hosts and maintains the ECOCVF for later verification of COCs. It interconnects with the ICG to monitor collection of taxes, fees and charges due to the BIR.
- BIR access. The BIR has access to the ICG and ECOCVF to determine COC issuances and the taxes due or paid. It also has access to their reports for industry analysis and tracking.
Who is affected
- Insurance Commission
- Land Transportation Office
- Accredited insurance companies
Deadlines and effectivity
- MOA signed January 20, 2010
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.