Publishing Memorandum Circular No. 622 of the Office of the President of the Philippines dated February 12, 1973

March 13, 1973 REVENUE MEMORANDUM CIRCULAR NO. 24-73 SUBJECT : Publishing Memorandum Circular No. 622 of the Office of the President of the Philippines dated February 12, 1973 TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, there is quoted hereunder Memorandum Circular No. 622 of the Office of the President of the Philippines. "TANGGAPAN NG PANGULO NG PILIPINAS (OFFICE OF THE PRESIDENT OF THE PHILIPPINES) "MEMORANDUM CIRCULAR NO. 622 "For the protection of the interest of the Government, all insurance companies shall be required to present a certification of the Insurance Commissioner regarding their financial conditions, outstanding obligations with the Government and such other matters as may, from time to time, be required by said official, before they can issue any bond or policy in favor of any government agency or office. "All courts, government agencies, bureaus, and government-owned or controlled corporations dealing with insurance companies are hereby required to furnish the Office of the Insurance Commissioner information or report of their transactions within three (3) days from the consummation thereof, stating the (a) name of insurance company that issued the policy or bond; (b) name and address of insured or principal; (c) number of policy or bond; (d) date of issue of policy or bond; (e) amount of policy or bond and (f) outstanding obligations of or claims against the insurance company issuing the policy or bond. "Strict compliance herewith is enjoined. "By authority of the President: "(SGD.) FLORES BAYOT Acting Executive Secretary "Manila, February 12, 1973 Under the foregoing circular, in case a surety bond is filed to guarantee payment of internal revenue taxes, the surety company issuing the bond should be required to present the certification of the Insurance Commissioner mentioned in the circular before the bond is processed and approved by this Office. All concerned are hereby enjoined to comply strictly with the provisions of this circular. aisa dc MISAEL P. VERA Commissioner of Internal Revenue