Amendments to the Revised Deed of Assignment with Special Power of Attorney
Insurance Circular Letter No. 019-12 • Other Rules and Procedures • Insurance Commission • Sep 20, 2012
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September 20, 2012 INSURANCE CIRCULAR LETTER NO. 019-12 TO : All Insurance/Reinsurance Companies and Mutual Benefit Associations Authorized to Transact Business in the Philippines SUBJECT : Amendments to the Revised Deed of Assignment with Special Power of Attorney Paragraph 3 of the Revised Deed of Assignment with Special Power of Attorney issued under Circular Letter No. 4-2012 is hereby amended as follows: 3. "The Company shall reinvest within two (2) days the proceeds of the maturing securities mentioned in the preceding paragraph in the form of long term government securities, in accordance with Section 203 of the Insurance Code. Otherwise, the Insurance Commissioner is hereby appointed to be our Attorney-in-fact, with full power of substitution to monitor and transact the reinvestment of such proceeds for and on behalf of the company, in such securities to be placed in the name of the Company, pursuant to and subject to the terms of said Section and to all rights and interest of the Company over such securities in the books of the Bangko Sentral ng Pilipinas as may be warranted in accordance with law." Please be guided accordingly. (SGD.) EMMANUEL F. DOOC Insurance Commissioner
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