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(NAR) VOL. 12 NO. 1 / JANUARY - MARCH 2001
[ SEC-NTD MEMORANDUM CIRCULAR NO. 001, February 16, 2001 ]
TIMETABLE FOR APPROVAL OF PLAN REGISTRATION OF PRE-NEED ISSUERS AND APPLICATIONS FOR PERMITS AND RENEWALS
For the information of all Pre-Need Plan issuers, the following guidelines shall be observed as the timetable for approval of Plan Registration of Pre-Need Plan Issuers and Applications For Permits and Renewals:
In the event the Commission finds that the Registration Statement/Application is : i) incomplete on its face or ii) inaccurate in any material respect or iii) the applicant is in violation of the Pre-need rules and regulations, the Commission shall order the amendment of the Registration Statements/Application or compliance with the Pre-need Rules as the case may be. In such an event, the applicable period shall recommence after the amendment or compliance has been made.
If the Commission does not approve or reject the application within the original or extended period (assuming the Registration Statement/Application is complete or no amendment is ordered or no violation of Pre-need rules has been committed) the Registration Statement/Application shall be considered approved.
In lieu of the Registration Statement/Application being "considered approved" the Commission may require compliance with any terms and conditions it may impose as post-approval conditions, failure to comply with which will result in suspension of the permit or license previously issued.
Adopted: 16 Feb. 2001
(SGD.) LILIA R. BAUTISTA
Chairperson
1. New Plans, New Issuer | : 45 Working Days from receipt of complete application and payment of filing fee | |
2. Additional Plans with Change in Benefits or Other terms of the Plan Contract or with change in Actuarial assumptions | : 30 Working Days from receipt of complete application and payment of filing fee | |
3 Any other Amendment with Change in Benefits or other terms of the Plan Contract or with change in Actuarial assumptions | : 30 Working Days from receipt of complete application and payment of filing fee | |
4. Additional Plans without Change in Benefits or other Terms of the Plan Contract Or in Actuarial assumptions | : 20 Working Days from receipt of complete application and payment of filing fee | |
5. Price Increase without any Change in Benefits and Or in Actuarial assumptions | : 20 Working Days from receipt of complete application and payment of filing fee | |
6. Any other Amendment without any change in Benefits or Terms of the Contract Plan or Actuarial assumptions | : 20 Working Days from receipt of complete application and payment of filing fee | |
7. Application For New Dealer's License | : 20 Working Days from receipt of complete application and payment of filing fee | |
8. Application for Renewal of Dealer's License | : 8.Working Days from receipt of complete application and payment of filing fee | |
9. Application For General Agency License and Renewal | : 8 Working Days from receipt of complete application and payment of filing fee | |
10. Application For Salesmen's License of Renewal | : 8 Working Days from receipt of complete application and payment of filing fee | |
11. Application for Establishment, Transfer or Closure of Branch Offices | : 8 Working Days from receipt of complete application and payment of filing fee | |
12. Application for accreditation of Pre-need Actuaries | : 8 Working Days from receipt of complete application and payment of filing fee |
In the event the Commission finds that the Registration Statement/Application is : i) incomplete on its face or ii) inaccurate in any material respect or iii) the applicant is in violation of the Pre-need rules and regulations, the Commission shall order the amendment of the Registration Statements/Application or compliance with the Pre-need Rules as the case may be. In such an event, the applicable period shall recommence after the amendment or compliance has been made.
If the Commission does not approve or reject the application within the original or extended period (assuming the Registration Statement/Application is complete or no amendment is ordered or no violation of Pre-need rules has been committed) the Registration Statement/Application shall be considered approved.
In lieu of the Registration Statement/Application being "considered approved" the Commission may require compliance with any terms and conditions it may impose as post-approval conditions, failure to comply with which will result in suspension of the permit or license previously issued.
Adopted: 16 Feb. 2001
(SGD.) LILIA R. BAUTISTA
Chairperson