Section 182
SEC. 182. Every life insurance company, doing business valuation in the Philippine Islands, shall annually make a valuation of all policies, additions thereto, unpaid dividends, and all other obligations outstanding on the thirty-first day of December of the preceding year. All such valuations shall be made upon the net premium basis, according to the standard adopted by the company, which standard shall be stated in its annual report. Such standard of valuation, whether on the net level premium, preliminary term, any modified preliminary term, or select and ultimate reserve basis, shall be according to a standard table of mortality, with interest at not less than three nor more than six per cent compound interest. When the preliminary term basis is used the term insurance shall be limited to the first policy year. The results of such valuation shall be reported to the Insurance Commissioner on or before the thirtieth day of April of each year accompanied by a sworn statement of the company's actuary certifying to the figures and stating upon what mortality table it is based, upon what rate of interest the valuation is made, and the methods used in arriving at the results obtained: Provided, That in case the fiscal year of a life insurance company does not terminate with the thirty-first day of December, it shall be deemed a sufficient compliance with this section if the valuation herein required is made to coincide with the regular fiscal year of the company. In such case the result of such valuation shall be reported to the Insurance Commissioner within four months after the close of its fiscal year: And provided further, That the Insurance Commissioner may in his discretion, and upon approval of the Secretary of Finance and Justice, grant an extension of not exceeding three months, to any company, upon his being satisfied that the period of four months granted by this section is inadequate with regard to said company.