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SEC-NTD
MEMORANDUM CIRCULAR NO. 001
Series
of 2001
TO :
ALL CONCERNED
SUBJECT :
TIMETABLE
FOR APPROVAL OF PLAN
REGISTRATION
OF PRE-NEED ISSUERS AND
APPLICATIONS
FOR PERMITS AND RENEWALS
For
the information of all Pre-Need Plan Issuers, the following guidelines shall be
observed as the timetable for approval of Plan Registration of Pre-Need Plan
Issuers and Applications For Permits and Renewals:
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1.)
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New
Plans, New Issuer
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:
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45
Working Days from receipt of complete application and payment of filing
fee
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2.)
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Additional
Plans with
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Change in Benefits or
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Other terms of the Plan
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Contract or with change in
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Actuarial assumptions
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:
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30
Working Days from receipt of complete application and payment of filing
fee
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3.)
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Any
other Amendment with
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Change in Benefits or
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Other terms of the Plan
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Contract or with change in
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Actuarial assumptions
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:
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30
Working Days from receipt of complete application and payment of filing
fee
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4.)
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Additional
Plans without
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Change in Benefits or other
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Terms of the Plan Contract
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Or in actuarial assumptions
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:
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20
Working Days from receipt of complete application and payment of filing
fee
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5.)
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Price
Increase without any
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Change in Benefits and
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Or in actuarial assumptions
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:
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20
Working Days from receipt of complete application and payment of filing
fee
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6.)
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Any
other Amendment without
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any
change in Benefits or Terms of the Contract Plan or actuarial
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Assumptions
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:
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20
Working Days from receipt of complete application and payment of filing
fee
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7.)
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Application
For New Dealer’s
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License
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:
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20
Working Days from receipt of complete application and payment of filing
fee
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8.)
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Application
for Renewal of
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Dealer’s
License
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:
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8
Working Days from receipt of complete application and payment of filing
fee
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9.)
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Application
For General
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Agency
License and Renewal
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:
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8
Working Days from receipt of complete application and payment of filing
fee
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10.)
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Application
For Salesmen’s
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License
and Renewal
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:
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8
Working Days from receipt of complete application and payment of filing
fee
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11.)
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Application
for Establishment,
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Transfer
or Closure of Branch
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Offices
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:
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8
Working Days from receipt of complete application and payment of filing
fee.
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12.)
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Application
for accreditation
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Of
pre-need actuaries
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:
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8
Working Days from receipt of complete application and payment of filing
fee
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In
the event the Commission finds that the Registration Statement/Application is: i.) incomplete on its face or ii.)
inaccurate in any material respect or iii.)
the applicant is in violation of the Pre-need rules and regulations, the
Commission shall order the amendment of the Registration Statements/Application
or compliance with the Pre-need Rules as the case may be.
In such an event, the applicable period shall recommence after the
amendment or compliance has been made.
If
the Commission does not approve or reject the application within the original or
extended period (assuming the Registration Statement/Application is complete or
no amendment is ordered or no violation of Pre-need rules has been committed)
the Registration Statement/Application shall be considered approved.
In
lieu of the Registration Statement/Application being “considered approved”
the Commission may require compliance with any terms and conditions it may
impose as post-approval conditions, failure to comply with which will result in
suspension of the permit or license previously issued.
EDSA,
Greenhills, Mandaluyong City, Philippines
February
16 , 2001
LILIA R. BAUTISTA
Chairperson
(Original
Signed)
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