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(NAR) VOL. II NO. 4 / OCTOBER - DECEMBER 1991
[ IC MEMORANDUM CIRCULAR NO. 3-91, September 19, 1991 ]
REGISTRATION OF NON-LIFE COMPANY UNDERWRITERS WHO ARE LICENSED AS INSURANCE AGENTS
Pursuant to the authority vested in me by Sec. 414 of the Insurance Code, the following rules and regulations are promulgated:
No person registered with this Commission as non-life company underwriter shall be licensed as non-life insurance agent in view of the conflict of interest that will arise from the nature of the work of an underwriter and agent.
The Certificate of Registration of a non-life company underwriter who is also licensed as insurance agent shall not be renewed unless the certificate of authority to act as agent is surrendered to this Commission for cancellation.
This Memorandum shall take effect upon approval.
Adopted: 19 Sept. 1991
(Sgd.) ADELITA A. VERGEL DE DIOS
Insurance Commissioner