(NAR) VOL. 11 NO.3 / JULY – SEP. 2000
Any new corporation applying for a license to act as issuers of pre-need plans must have a minimum paid up capital of P100 million. However, existing pre-need plan issuers with paid-up capital of less than P100 million are required to build the same within a period of one (1) year from the issuance of this circular without prejudice to the Commission increasing the same.
Pre-Need plan companies incurring difficulties in complying with the minimum paid up capital are encouraged to merge with other pre-need companies to comply with said requirement within the same period.
For strict compliance.
Adopted: 14 September 2000
(SGD.) LILIA R. BAUTISTA
Chairman
Securities and Exchange Commission