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(NAR) VOL. 11 NO.4 / OCT. – DEC. 2000
[ SEC AD-HOC PRE-NEED GROUP MEMORANDUM CIRCULAR. 3, October 13, 2000 ]
MORATORIUM ON THE REGISTRATION/LICENSING OF NEW PRE-NEED PLAN COMPANIES
To open opportunities for small pre-need plan companies to comply
with the new paid-up capital requirement of P100 million and to
safeguard the interest of the planholders, the Commission has declared a
moratorium on the registration/licensing of new pre-need plan companies
for a period of one year from the effectivity of this circular. All
applicant companies desiring to act as issuers of pre-need plans are
therefore encouraged to buy out or invest as a partner in existing
pre-need companies which find difficulty in complying with the increased
paid-up capital of P100 million.
This circular takes effect immediately.
Adopted: 13 October 2000
(SGD.) LILIA R. BAUTISTA
Chairman