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:
What Are the Requirements:
1. Three (3) duly accomplished and notarized application form for accreditation of surety companies (Renewal: SEC Form SCAR—0002) ;
2. Previous Certificate of Accreditation issued by the Commission;
3. A notarized certification that the firm is in compliance with the general qualification requirements under Section 2;
4. A Sworn Statement of its outstanding obligations with the Commission, signed by the President and Treasurer, indicating the number of forfeited bonds and the amounts thereof; and
5. A verified summary of its transactions with the Commission for the duration of the previous accreditation.
Renewal applications for accreditation shall be filed during the month of July of the third year of validity of the current Certificate of Accreditation of the surety company. Renewal applications for accreditation filed between August 01 and October 31 of the third year of validity of the surety company’s current Certificate of Accreditation shall be deemed as new applications for accreditation and must be accompanied with the application supporting documents enumerated above and the required applicable fees.
Renewal applications for accreditation filed beyond October 31 of the third year of validity of the surety company’s current Certificate of Accreditation shall not be accepted by the Commission. These surety companies shall file their new applications for accreditation instead on the year following the renewal year, following the process for initial applications.
|Pre-evaluation of application:||1 hour|
|Processing of application:||2 weeks|
|Total Duration:||2 weeks and 1 hour|
How to Avail of the Services:
|STEP||APPLICANT/CLIENT||SERVICE PROVIDER||DURATION OF ACTIVITY
(UNDER NORMAL CIRCUMSTANCES)
|PERSON IN CHARGE|
|1||Secures application form from MSRD.
(Renewal Application – SEC Form SCAR-0002)
|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|
Presents the PAF at the Cashier and settles the required fees
* 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. Returns one (1) copy of the application documents to the client.||1 minute||Technical Staff|