Guidance on the Adoption of Chip and Personal Identification Number (PIN) as Cardholder Verification Method for EMV-Compliant Philippine-Issued Debit Cards
Insurance Circular Letter No. 046-16 • Other Rules and Procedures • Insurance Commission • Aug 18, 2016
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August 18, 2016 INSURANCE CIRCULAR LETTER NO. 046-16 TO : All BSP-Supervised Financial Institutions SUBJECT : Guidance on the Adoption of Chip and Personal Identification Number (PIN) as Cardholder Verification Method for EMV-Compliant Philippine-Issued Debit Cards In order to harmonize the rules and regulations with that of the other IC-regulated entities and be at par with best practice in ensuring the integrity of audited financial statements, all pre-need companies and health maintenance organizations (HMOs) are hereby required to engage only the services of IC-accredited external auditors starting with the Financial Statements as of December 31, 2016. The external auditors to be engaged shall have a Group "A" accreditation, the list which can be found in the IC website. For strict compliance. (SGD.) EMMANUEL F. DOOC Insurance Commissioner
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