"CHAPTER II-A  "FINANCIAL REPORTING FRAMEWORK  39  38  "TITLE 6  "MrCROINSURANCE  "CHAPTER III  "THE BUSINESS OF INSURANCE  "TITLE 1  "SEC. 184. A policy of insurance upon life or  health may pass by transfer, will or succession to  any person, whether he has an insurable interest or  not, and such person may recover upon it whatever  the insured might have recovered.  "SEC. 185. Notice to an insurer of a transfer  or bequest thereof is not necessary to preserve the  validity of a policy of insurance upon life or health,  unleS’S thereby expressly required.  "SEC. 186. Unless the interest of a person  insured is susceptible of exact pecuniary  measurement, the measure of indemnity under a  policy of insurance upon life or health is the sum  fixed in the policy.  "SEC. 187. Microinsurance is a financial  product or service that meets the risk protection needs  of the poor where:  n(a) The amount of contributions, premiums,  fees or charges, computed on a daily basis, does  not exceed seven and a half percent (7.5%) of the  current daily  mlnImum wage  rate for  nonagricultural workers’ in Metro Manila; and  n(b) The maximum sum of guaranteed benefits  is not more than one thousand (1,000) times of the  current  daily  minImum  wage  rate  for  nonagricultural workers in Metro Manila.  "SEC. 188. No insurance company or mutual  benefit association shall engage in the business of  microinsurance unless it possesses all the  requirements as may be prescribed by the  Commissioner. The Commissioner shall issue such  rules and regulations governing microinsurance.  "SEC. 190. For purposes of this Code, the term  insurer  or  insurance company  shall include all  partnerships, associations, cooperatives or  "The valuation of reserves shall be accounted  for in accordance with Title 50fthis Code.  "The assets and investments ’discussed in  Sections 204 to 215 shall be accounted for in  accordance with this section.  "SEC. 189. All companies regulated by the  Commission, unless otherwise required by law, should  comply with the financial reporting frameworks  adopted by the Commission for purposes of creating  the statutory financial reports and the annual  statements to be submitted to the Commission.  Financial reporting framework means a set of  accounting and reporting principles, standards,  interpretations and  pronouncem~nts  that must be  adopted in the preparation. and submission of the  statutory financial statements and reports required  by the Commission. This financial reporting  framework is not the same as the finanClial reporting  framework used to prepare the financial statements  that the Securities and Exchange Commission may  require. The main purpose of the statutory statements  is to present iinportant ipformation about the level of  risk and solvency situation of insurers. In prescribing  the applicable statutory:f:i.n.allcial reporting framework,  the Coinrnissioner shall itake into account international  standardS concerning solvency and insurance company  reporting as well as generally accepted actuarial  principles concerning financial reporting promulgated  by the Actuarial Society of the Philippines.  "INSURANCE COMPANIES, ORGANIZATION,  CAPITALIZATION AND AUTHORIZATION 