Volume 13 Number 1 - University of the Philippines College of Law

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January - March 2002 National Administrative Register 333 INSURANCE COMMISSION Date Filed: 17 January 2002 Circular Letter No. 1-2002 Replacement of Policies To control the unwarranted replacement of life insurance policies, all life insurance companies are required to incorporate in their respective application forms for life insurance coverage, to be filled up by both the applicant and the underwriting agent, specific questions and notices designed to direct attention on the matter. Sample forms are attached for reference. The Philippine Life Insurance Association (PLIA) is hereby deputized to provide the necessary support to ensure the timely implementation of the foregoing and to investigate deviations as provided in the Joint Declaration. This Circular shall take effect immediately. Adopted: 10 Jan. 2002 Date Filed: 17 January 2002 Adopted: 8 Jan. 2002 (SGD.) EDUARDO T. MALINIS Insurance Commissioner --o0o-- Insurance Memorandum Circular No. 1-2002 Anti-Money Laundering Council Resolution No. 15, Dated December 7, 2001* (*Text Available at Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City) (SGD.) RAFAEL B. BUENAVENTURA Governor, Bangko Sentral ng Pilipinas Chairman (SGD.) LILIA R. BAUSTISTA Chairperson, Securities and Exchange Commission Member
334 National Administrative Register Volume 13/1 Date Filed: 17 January 2002 (SGD.) EDUARDO T. MALINIS Insurance Commissioner Member --o0o-- Department Order No. 31-01 Increase in Paid-Up Capital Pursuant to the authority vested in me by the provisions of Section 188 of the Insurance Code in relation to those of Section 184 thereof, and upon the recommendation of the Insurance Commissioner, the following requirements, rules and regulations are hereby promulgated: 1. An insurance company, other than those organized under Department Orders No. 27-92, dated March 17, 1992 and No. 100-94, dated October 24, 1994, is required to be possessed of a minimum paid-up capital (or paid-up capital and surplus in the case of life company) indicated hereunder, on or before June 30, 2002 to be able to secure a renewal, of its certificate of authority to transact business in the Philippines for the license year 2002- 2003: a. Non-life - Fifty Million Pesos (Ps 50,000,000.00) b. Life - Fifty Million Pesos (Ps 50,000,000.00) of paid-up capital and surplus, provided that if the increase is on surplus, the companyís paid-up capital as of date of this Order shall be maintained. 2. The corresponding increase in capital investment required under Section 203 of the Insurance Code shall be complied with. 3. Violation of the foregoing applicable conditions is sufficient ground for the non-renewal of a companyís certificate of authority. For strict compliance. Adopted: 20 Dec. 2001 (SGD.) JOSE ISIDRO N. CAMACHO Secretary of Finance Recommending Approval: (SGD.) EDUARDO T. MALINIS Insurance Commissioner --o0o--
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Volume 13 Number 1 - University of the Philippines College of Law

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