In re Insurance Savings and Investment Agency, Inc.

February 12, 2008 SEC EN BANC CASE NO. 10-07-0237 IN THE MATTER OF INSURANCE SAVINGS AND INVESTMENT AGENCY, INC. (S.E.C. REG. NO. 38642) , petitioner . SETTING ASIDE OF THE ORDER OF REVOCATION O R D E R Petitioner Insurance Savings and Investment Agency, Inc. is a stock corporation registered with the Commission on June 20, 1969, 1 the primary purpose of which is to act as general agents, brokers, traders, advisers, promoters, factors, and underwriters for all kinds of insurance, life and non-life, as well as for bonds and all types of undertakings. Its principal office address is located at L & S Building, Suite 207-211, 1414 Roxas Boulevard, Manila. cDEHIC On July 2, 2003 petitioner's Certificate of Registration No. 38642 was revoked by virtue of SEC Order dated May 27, 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on June 2, 2003. Petitioner now prays for setting aside of the said order of revocation based on the following grounds: a) Petitioner's former Chairman/President, Modesto Jimenez, who was in charge of the management of the corporate affairs of the same passed away on January 18, 1999. Hence, the above reportorial requirements were not timely filed; and b) Cases, both civil and criminal, which were filed, pursued and prosecuted against Petitioner's adversaries and which were defended because the same were filed against it and some of its representatives took most of Petitioner's attention, concentration, and resources before and even after the demise of Chairman/President Modesto Jimenez. In support of its petition, petitioner submitted the following: a) 2006 Income Tax Return; b) Undertaking issued by the Corporate Secretary of Petitioner to submit Mayor's Permit; c) 2007 General Information Sheet; and d) 2006 Audited Financial Statements. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also committed to pay immediately any penalties due by reason of its failure to comply with the Commission's reportorial requirements. In fact, it paid the penalty in full as evidenced by Official Receipt No. 0104703 dated October 17, 2007 amounting to TEN THOUSAND FOUR HUNDRED PESOS (P10,400.00). ESaITA Consistent with its undertaking, Petitioner is hereby directed to submit its latest Mayor's Permit within thirty (30) days from date of receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, finding the petition meritorious, the Order of the Commission dated May 27, 2003 revoking the Certificate of Registration of INSURANCE SAVINGS AND INVESTMENT AGENCY, INC. is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, February 12, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration.