(NAR) VOL. 7 NO. 1 / JANUARY-MARCH 1996
1. BES eligible government securities (GS) can be acquired from duly authorized commercial banks which are BES participants and BSP accredited Government Securities dealers (AGSDs);This letter shall take effect immediately.
2. Other BES participants may from time to time be included in the list of dealers eligible to sell GS to insurance companies and MBAs;
3. Insurance Companies/MBAs shall first submit to the Insurance Commission Board Resolutions allowing their investment in Government Securities through said BES participants;
4. The submission by the seller-participant of the following documents as proof of sales:
a. Confirmation of Sale
b. Custodial Receipt of securities with the BES
c. Letter advice to the BSP of sales made with proof of receipt thereof
5. The submission by the seller-participant of other documents of sales as may be required from time to time;
6. GS lodged with the dealer’s BES may be redeemed prior to maturity;
7. A company shall make arrangement with its custodian bank for the Insurance Commission to receive regular confirmation advices for all transactions pertaining to the securities and their custody.