government and government-related securities and therefore no impact on insurers' financial reporting of risk-based capital and asset valuation reserves
99, TEI believes it would be inconsistent to establish a company-size threshold for disclosure of the loss or valuation reserves
The regulatory initiatives include a "risk-based capital" (RBC) requirement effective by year-end 1993; an asset valuation reserve
(AVR) and an interest maintenance (IMR) requirement, both effective since the beginning of 1993; and a model investment law likely to become effective in 1994.
Under Section 18, a life company should "have a minimum of $100,000,000 of capital and surplus, exclusive of any mandatory security valuation reserve
," which would generally equate to a Best's financial size category of VIII.
Capital and surplus, including asset valuation reserves
(AVR), rose to $237 billion from $210 billion.
The bank's NPL ratio (net of valuation reserves
), based on Bangko Sentral ng Pilipinas guidelines, declined to 0.92 percent, from 1.39 percent in the prior year.