Limiting the Insurance Benefit Features of Pre-Need Plans
SEC-IRD Memorandum Circular No. 04-95 • Securities and Exchange Commission Departments • Economic Research and Training Department (ERTD) • Dec 7, 1995
Full text
December 7, 1995 SEC-IRD * MEMORANDUM CIRCULAR NO. 04-95 RE : Limiting the Insurance Benefit Features of Pre-Need Plans The Securities and Exchange Commission is hereby directing the removal of insurance benefit features of pre-need contracts, which through time, have evolved to look like quasi-insurance products rather than securities that are subject to regulation by the Commission. Only credit life and disability waiver features in pre-need plans shall be accepted to assure the continued good status of the pre- need contract until maturity. This circular, which shall not affect pre-need contracts that are already enforced and outstanding, shall take effect on 01 January 1996. (SGD.) PERFECTO R. YASAY, JR. Acting Chairman
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