Today is June 24, 2018

Accreditation of Surety Companies

Schedule of Availability of Service:

Mondays to Fridays

8:00am-5:00pm without noon break

Who May Avail of the Service:

Surety Companies

What Are the Requirements:

1. Three (3) duly accomplished and notarized application form for accreditation of surety companies (Initial: SEC Form SCA—0001) ;

2. Cover letter expressing intent to be accredited as a surety company by the Commission;

3. Certified copy of the original Articles of Incorporation and By-laws and the latest amended Articles of Incorporation and By-laws, if applicable;

4. Certified copy of the latest General Information Sheet (GIS) stamped received by the Commission;

5. Certified copy of the latest Audited Financial Statements stamped received by the Bureau of Internal Revenue (BIR) and the Commission;

6. Secretary's Certificate showing the surety company's authorized signatories and their specimen signatures;

7. Personal Information Sheet of the authorized signatories and their latest 2x2 color photograph;

8. Certified copy of the Authority to Transact Surety Business upon official recognizance, stipulations, bonds and undertakings issued by the Office of the Executive Secretary under the Office of the President;

9. Certified copy of the current Certificate of Authority from the Insurance Commission;

10. Certified copy of the current Certificate of Authority from the Supreme Court;

11. Clearance Certificate from the various departments of the Commission;

12. Pro-forma Stockbroker's/Dealer's Bond Agreement containing relevant provisions satisfying the Commission's requirements; and

13. Such other documents as the Commission may require from time to time.

An additional fee of One Hundred Pesos (P 100.00) per broker/dealer client shall be paid for each broker/dealer clients in excess of five (5). The additional fee shall be paid on the first Monday of March of the year subsequent to the year the application or renewal, as the case may be, was filed and approved. The annual fee and additional fee shall be accompanied by a certified copy of the latest Certificate of Authority from the Insurance Commission.

For purposes of computing the additional fee, the number of broker/dealer clients of the surety company shall be based on the total number of clients as of the first Monday of March of each year.

How to Avail of the Services:

STEP APPLICANT/CLIENT SERVICE PROVIDER DURATION OF ACTIVITY PERSON IN CHARGE
1 Secures application form from MSRD.

(Initial Application – SEC Form SCA-0001)

Provides client application form, and checklist of requirements. 5 minutes Technical Staff
2 Presents application and supporting documents 1. Pre-evaluates application and supporting documents.

a. If application and supporting documents are not complete, the same are returned to applicant with list of requirements not complied with

b. If application and supporting documents are complete, the Technical Staff clears application for payment of the prescribed fees (proceed to No. 2)

30 minutes Technical Staff
2. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier. 10 minutes Technical Staff
3 Presents the PAF at the Cashier and settles the required fee
   Filing Fee: P5,000.00
   LRF*: P50.00
   Total: P5,050.00
* Legal Research Fee (LRF – 1% of Filing Fee
Process payment and issue O.R. 10 minutes Cashier
4 Submits the machine-validated PAF to MSRD with the application and its supporting documents. 1. Check contents of the application and stamp receive the three (3) sets of application and supporting documents and machine-validated PAF. 4 minutes Technical Staff
2. Return one (1) copy of the application documents to the client. 1 minute Technical Staff
Duration:
Pre-evaluation of application: 1 hour
Processing of application: 2 weeks
Total duration: 2 weeks and 1 hour

Note: Duration of Activity under normal circumstances