Rule 10. Voluntary Cancellation Of Registration Or Suspension Of Permit To Sell 

10.1.  A registration of a Pre-Need Plan may be cancelled or a Permit To Sell may be suspended or cancelled by the Commission upon Petition for its suspension and/or cancellation, as the case may be, by the issuer as herein provided.

10.2.  A  Petition for the cancellation of  registration of a Pre-Need Plan or a Petition for suspension and/ or cancellation of a Permit To Sell  shall be accompanied by the following:

a.)    Petition for the cancellation of the registration or Petition for Suspension and/or Cancellation For The Permit To Sell stating the reasons therefor;

b.)    Proof of the reasons for cancellation of registration or suspension and/or cancellation of the Permit To Sell;

c.)    Proof of publication of a Notice to Stockholders/Investors/ Planholders of said Petition For Cancellation of Registration and/or Petition for Suspension and/or Cancellation of a Permit to Sell; 

d.)    Board Resolution certified under oath by the Corporate Secretary of the issuer and attested to by the President or one performing similar functions approving such Petition For Cancellation and/or Suspension as the case may be; 

e.)    List of all Planholders;

f.)     A Certification under oath by the Treasurer of the issuer attested to by the President that the Planholders’ contributions were refunded and their claims fully settled;

g.)    A joint and several assumption of liability executed by the Treasurer and the President of the issuer for claims that may arise as a result of said cancellation/suspension; and

h.)    Evidence of sufficiency of the trust fund to cover payment of outstanding liabilities to Planholders.

10.3.  After filing of the Petition and supporting documents and payment of the filing fee, the Petition shall be immediately published by the issuer in two (2) newspapers of general circulation, once a week for two (2) consecutive weeks reciting the contents of the Petition and notifying Planholders to file their claims with the issuer. 

10.4.  If after the completion of the aforesaid publication, the Commission finds that the petition together with all the other papers and documents attached thereto is on its face complete and that no party stands to suffer damage thereby, it shall issue an order cancelling said registration or cancelling and/or suspending the Permit to Sell.   However, such order shall not preclude any Planholder from his available remedies under the law should the cancellation and/or suspension cause him damage. 

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