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

336
National Administrative Register Volume 13/1
The corresponding interest income due from the Security Fund contributions shall be
reinvested in Government Securities and deposited with the Bureau of the Treasury.
You will be advised regularly of income earned out of said reinvestments.
Adopted: 4 Feb. 2002
Date Filed: 01 March 2002
(SGD.) EDUARDO T. MALINIS
Insurance Commissioner
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Circular Letter No. 4-2002
Change in Ownership
It has come to our attention that insurance companies effect changes in their capital
structure, in whole or in part, without the knowledge of this Commission.
Henceforth, all insurance companies are hereby enjoined to seek prior approval from
this Commission before effecting any change in the company ownership.
This supersedes Circular Letter dated 03 October 1973.
Please be guided accordingly.
Adopted: 21 Feb. 2002
Date Filed: 14 March 2002
(SGD.) EDUARDO T. MALINIS
Insurance Commissioner
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Circular Letter No. 5- 2002
Agent Compliance Record
In order to ensure that the agency force displays appropriate market conduct at all
times, all member companies are required to police their own ranks, by actively identifying
agents who shall have at one time or another undertaken inappropriate acts that tarnish the
industryís image.
For this purpose, the Philippine Life Insurance Association (PLIA) is hereby deputized
to formulate guidelines relative to the implementation of an agent compliance record system
and ensure its strict enforcement.