Prohibition of Acceptance of Surety Bonds Issued by Cosmopolitan Insurance Co., Inc.

June 2, 1967 REVENUE MEMORANDUM CIRCULAR NO. 25-67 SUBJECT : Prohibition of Acceptance of Surety Bonds Issued by Cosmopolitan Insurance Co., Inc. TO : All Internal Revenue Officers, Employees and Others Concerned In view of the fact that the Cosmopolitan Insurance Co., Inc. is under suspension and/or liquidation by the Office of the Insurance Commissioner, all internal revenue officers, employees and others concerned are hereby advised not to accept any surety bond issued by the said company. With respect, however, to bonds issued by the company which are still in-force, you are further advised to have the same substituted by bonds of other surety companies acceptable to this Bureau. In other words, the principals (taxpayers) should be required to file other surety bonds in lieu of the surety bonds of which the above-named company is the surety. aisadc Strict compliance herewith is enjoined (SGD.) MISAEL P. VERA Commissioner of Internal Revenue APPROVED: (SGD.) EDUARDO Z. ROMUALDEZ Secretary of Finance