In line with the new annual statement for Mutual Benefit Associations (MBAs) issued by the Insurance Commission (IC), Microinsurance MBA Association of the Philippines, Inc (MiMAP) conducted two consecutive workshops to guide and assist its network of Mutual Benefit Associations towards effective and on-time completion of their individual annual statement report.
The first workshop, held last March 30, centered on the run through of the new annual statement format, highlighting the modifications made in comparison with the old format. John Wipf, Asian Development Bank Consultant on Microinsurance and Jaisa Gapuz, ASKI MBA Compliance Office, the originators of the new format, served as the resource persons. Representatives from IC were also present in the workshop
A demand for another workshop prompted MiMAP to organize and facilitate another venue to cater to the request of its members on additional guidance in accomplishing the report. On April 28, the actuary-guided annual statement workshop was held. It provided a deeper understanding and application of the audited financial statement to be translated in the new AS format, as it is thoroughly guided by Ms. Mae Elizabeth Lungay, Actuarial Consultant. Aside from the discussion about the salient changes in the annual statement report, the 24 participating MBAs had a one on one consultation with Lungay. Several MBAs completed the report way ahead of the deadline mandated by the Insurance Commission, attributed to the hands-on workshop.
The recent workshop was attended by representatives of different MBAs, mostly finance officers and few general managers.