Amendment to Circular Letter No. 2016-23 on "Key Features of Micro Pre-Need Products"
Insurance Circular Letter No. 004-17 • Other Rules and Procedures • Insurance Commission • Jan 17, 2017
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January 17, 2017 INSURANCE CIRCULAR LETTER NO. 004-17 Amends: CL No. 2016-23 TO : All Pre-Need Companies Doing Business and Operating in the Philippines SUBJECT : Amendment to Circular Letter No. 2016-23 on "Key Features of Micro Pre-Need Products" Pursuant to the powers vested in the Insurance Commission by the provision of Section 6 of Republic Act No. 9829 otherwise known as the Pre-Need Code of the Philippines, item 5 of IC Circular Letter No. 2016-23 on "Key features of Micro Pre-Need Products" is hereby amended as follows: "5. Installment Payment Period The Installment payment period shall depend on the type of the pre-need product, as follows: a. Education Plan five (5) years or less b. Pension Plan ten (10) years or less c. Memorial Plan five (5) years or less" This amendatory circular shall take effect immediately. Except as amended and supplemented hereby, all other provisions of Circular Letter No. 2016-23 shall remain effective. CAIHTE (SGD.) DENNIS B. FUNA Insurance Commissioner
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