Checklist of Requirements for the Pre-Need Plan's Registration Licensing

2008 CHECKLIST OF REQUIREMENTS FOR THE PRE-NEED PLAN'S REGISTRATION LICENSING Table of Contents PART I. Regular Processing of Registration Applications A. Checklist of Requirements for Dealer's License B. Checklist of Requirements for General Agent's License C. Checklist of Requirements for Licensing as Salesmen D. Checklist of Requirements for Initial Registration/Licensing of Pre-Need Plans of a New Pre-Need Corporation E. Checklist of Requirements for Registration of New Product with Initial Securities or to be Applied to the Unsold Licensed Securities, with Change in Benefits Other Terms and Conditions of Existing Plan Contracts or Actuarial Assumptions F. Amendments to the Pre-Need Plan Contract or Other Documents Pertinent to Registration G. Checklist of Requirements for Amendment of the Registration Statements as Dealer in Pre-Need Plans H. Checklist of Requirements for Licensing of Branch Opening I. Checklist of Requirements for Branch Transfer Involving No Change in Locality I.2 Checklist of Requirement for Branch Transfer Within the Same Building or Establishment J. Checklist of Requirements for Branch Transfer Involving a Change in Locality K. Checklist of Requirements for Application of Branch Closure L. Checklist of Requirements Governing Requests for Exemptive Reliefs M. Checklist of Requirements for Registration of Overissued Securities PART II. Processing of Application for Expeditious Approval Annex A. Checklist of Requirements for Registration of Additional Securities with Price Increase Involving No Change in Benefits or Other Terms and Conditions of the Existing Plan Contract and No Change in Actuarial Formulations Annex B. Checklist of Requirements for Registration of Additional Securities without Price Increase Involving No Change in Benefits or Other Terms and Conditions of the Existing Plan Contract, No Change in Actuarial Formulation But with Change in Actuarial Assumptions Annex C. Checklist of Requirements for Registration of Additional Securities without Price Increase Involving No Change in Benefit or Other Terms and Conditions of the Existing Plan Contract, No Change in Actuarial Formulation and No Change in Actuarial Assumptions Annex D. Checklist of Requirements for Petition for Price Increase for the Unsold Balance of Previously Approved Registration Annex E. Checklist of Requirements for Petition for the Conversion of Unsold Approved Securities from One Type of Plan to Another Existing Previously Approved Plan PART III. Processing of Other Registrations Checklist of Requirements for Accreditation of a Qualified Actuary Annex A. SEC Standard Cover Sheet Annex B. SEC Information Sheet Annex C. Notarized Certification PART I Regular Processing of Registration Application A. Checklist of Requirements for Dealer's License Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ a. No trust fund deficiency; __ b. No paid-up capital impairment (State current unimpaired paid-up capital: ____________); __ c. No reportorial requirement deficiency; __ d. No unpaid fines and penalties imposed by the Commission for violations of the Rules on the Registration and Sale of Pre-Need Plans; and __ e. Not under corporate rehabilitation. B. Company Requirements __ 1. SEC Application Form duly accomplished under oath __ 2. Articles of Incorporation (for new applicant) __ 3. Surety Bond of P300,000.00 covering the period of the effectivity of the license __ 4. Clearance of a reputable bonding company issued by the Supreme Court __ 5. Certificate of Authority for the bonding company issued by the Office of the Insurance Commission effective for the year under review __ 6. Audited Financial Statements (for new applicant) __ 7. Notarized Curriculum vitae of the directors and officers with recent passport size photographs taken not earlier than six months prior to the date of filing of the application 1/ __ 8. Sworn statement by each director and officer declaring that: (1) he/she has not been convicted judicially for an offense or crime involving moral turpitude such as violation of B.P. Blg. 22, counterfeiting or forgery, fraud, estafa, theft, robbery, malversation, bribery, falsification, false oath or perjury, or violation of securities, commodities, banking, real estate or insurance laws; (2) he/she has not been judicially declared bankrupt, insolvent, spendthrift or incapacitated to contract; (3) he/she has not been dismissed for cause or forced to resign from any pre-need company or any entity engaged in securities, commodities, banking, real estate or insurance activities. (In case any of the above stated circumstances is not obtained, appropriate disclosure shall be made by the affiant.) __ 9. Valid NBI clearance of each director and officer. For foreign directors and officers, clearance issued by an equivalent agency 1/ cCAIaD __ 10. Photocopy of the passport of each director and officer 1/ __ 11. Latest General Information Sheet __ 12. Training Manual (for new applicant)/Updated Training Manual (for renewal) C. Additional Requirement __ List of complaints filed by planholder and their status Filing fee: P10,000 (for new applicant); P5,000 (renewal) plus legal research fee of 1% of the filing fee Penalty for late filing P1,000.00 Renewal period is not earlier than November 1 and not later than December 2. ________________________ ___________ Signature over printed name Date of SEC processor B. Checklist of Requirements for General Agent's License Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ a. No paid-up capital impairment 1/ (State current unimpaired paid-up capital: ________________) __ b. Principal must have a valid dealer's license. B. Company Requirements __ 1. SEC Application Form duly accomplished under oath __ 2. Latest Articles of Incorporation of the General Agent 2/ __ 3. Latest General Information Sheet STECDc __ 4. Surety Bond of P100,000 covering the period of effectivity of the license __ 5. Clearance of a reputable bonding company issued by the Supreme Court __ 6. Certificate of Authority for the bonding company issued by the Office of the Insurance Commission effective for the year under review __ 7. Latest Interim Financial Statements signed by the President and Finance Officer __ 8. Proposed Organizational Chart of Agency 2/ __ 9. Notarized Curriculum vitae of the directors and officers with recent passport size photographs taken not earlier than six months prior to the date of filing of the application 2/ __ 10. Copy of agency agreement with the principal 2/ __ 11. Sworn statement by each director and officer declaring that: (1) he/she has not been convicted judicially for an offense or crime involving moral turpitude such as violation of B.P. Blg. 22, counterfeiting or forgery, fraud, estafa, theft, robbery, malversation, bribery, falsification, false oath or perjury, or violation of securities, commodities, banking, real estate or insurance laws; (2) he/she has not been judicially declared bankrupt, insolvent, spendthrift or incapacitated to contract; (3) he/she has not been dismissed for cause or forced to resign from any pre-need company or any entity engaged in securities, commodities, banking, real estate or insurance activities. (In case any of the above stated circumstances is not obtained, appropriate disclosure shall be made by the affiant.) __ 12. Valid NBI clearance of each director and officer __ 13. Photocopy of the passport of each director and officer 2/ __ 14. Training manual 2/ __ 15. Required minimum paid-up capital of P5 million Filing fee: P5,000 (for new applicant); P2,500 (renewal) plus legal research of 1% of the filing fee Penalty for late filing P1,000.00 Renewal period is not earlier than November 1 and not later than December 2. ________________________ ___________ Signature over printed name Date of SEC processor C. Checklist of Requirements for Licensing as Salesmen Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements of the Pre-Need Corporation with a Valid Dealer's/General Agent's License Engaging the Service of the Salesman __ a. No trust fund deficiency; __ b. No paid-up capital impairment (State current unimpaired paid-up capital: __________); __ c. No reportorial requirement deficiency; __ d. No unpaid fines and penalties imposed by the Commission for violations of the Rules on the Registration and Sale of Pre-Need Plans; and __ e. Not under corporate rehabilitation. B. Company Requirements __ 1. SEC Application Form duly accomplished under oath __ 2. List of salesmen with complete residential address indicating the following information: a) number of the house, if applicable b) name of street, if applicable c) barangay, and d) city __ 3. Certification from the pre-need corporation or general agent that the applicants are bonafide salesmen Filing fee: P200 per salesman plus legal research fee of 1% of the filing fee Renewal period is not earlier than November 1 and not later than December 2 . ________________________ ___________ Signature over printed name Date of SEC processor D. Checklist of Requirements for Initial Registration/Licensing of Pre-Need Plans of a New Pre-Need Corporation Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. EADSIa 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Corporate Information __ 1. Approved dealer's license/with pending registration application for dealer's license __ 2. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 3. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 4. Opinion of independent counsel on the legality of the Registration Statements __ 5. Supporting documents: __ a. Latest Articles of Incorporation and By-Laws of the Pre-Need Corporation __ b. SEC approved Trust agreement with the Trustee/with pending application __ c. Copies of agency contracts with general agents, and salesmen __ 5. Audited Financial Statements __ 6. Latest Interim Financial Statement signed by the President and Chief Finance Officer of the company B. Product Evaluation __ 1. Actuarial feasibility study with actuarial certification from a SEC accredited pre-need actuary containing the following: __ a. A viability model which includes, but is not limited to, the following: __ 1) Interest rate assumptions; the rate shall in no case exceed 80% of the average interest rate for the longest term Philippine government securities traded during the previous three months, or such other prudent and attainable interest rate as the Commission may allow; TCcIaA __ 2) Withdrawal assumptions: lapses and surrenders; __ 3) Schedule of Trust Fund deposits rates for all payment terms, including spot cash with or without down payment; __ 4) Schedule of trust fund projection for all payment terms; __ 5) Amount and costs of plan benefits including the contingent benefit availment rates assumed for mortuary-type benefits; __ 6) Expenses and loadings including, but not limited to, all required fees and taxes, commissions, overrides, bonuses, premiums on insured benefits, and all other charges; __ 7) Schedule of Termination Values; __ 8) Schedule of Projected Reserve Liability Values; __ 9) Detailed Pricing schedule including: __ i) how the gross pre-need price was generated __ ii) actuarial formulations __ b. Under oath actuarial certification from a SEC accredited pre-need actuary containing the following: __ 1) A statement certifying that the actuarial formulations used in the viability model are in accordance with generally accepted actuarial principles and practices, existing laws, and pertinent rules and regulations of the Commission; __ 2) A statement of opinion that the actuarial assumptions used in the viability model are reasonable and appropriate for the plan; __ 3) A statement certifying that the plan price/s, scheduled trust fund contributions, projected reserve liabilities, and termination values are in accordance with generally accepted actuarial principles; __ 4) A statement certifying that the actuary has reviewed the provisions of the plan contract relative to its benefits and guarantees which have been quantified and considered in the pricing, reserve valuation, trust fund contribution, and termination values; __ 5) A statement of opinion that all insurance benefits included in the plan agreement are covered under insurance contract(s) with a duly licensed insurance carrier __ 6) A statement that the actuary has followed the guidelines and standards of the Actuarial Society of the Philippines and has adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable. __ c. Actuarial notes used in the viability model for the complete duration of the plan with regard to the following: __ 1) plan description, __ 2) formulations, __ 3) assumptions. __ 2. Supporting documents: __ a. Copies of Information Brochure and other printed literature which the Pre-Need Corporation intends to distribute to the public __ b. List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider __ c. Training Program for salesmen __ d. Pre-need plan application form including general provision __ e. Pre-need plan Contract/agreement including general provisions __ f. Specimen copies of Group Master Policy for Group Credit Life and Group Yearly Renewable Term including copies of insurance riders for supplementary insurance benefits; sample copies of individual insurance certificates __ g. Contract Price schedule showing minimum and maximum pricing by type of payment term using the SEC format Filing fee: 1/10 of 1% of the maximum aggregate price at which pre-need plans are proposed to be offered plus legal research fee of 1% of the total assessment. ________________________ ___________ Signature over printed name Date of SEC processor REMARK: The maximum amount of pre-need plans to be registered shall be equivalent to the corporation's paid up capital. E. Checklist of Requirements for Registration of New Product with Initial Securities or to be Applied to the Unsold Licensed Securities, with Change in Benefits or Other Terms and Conditions of Existing Plan Contracts or Change in Actuarial Assumptions Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. STIcEA 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements of the Pre-Need Company __ a. No trust fund deficiency; __ b. No paid-up capital impairment (State current unimpaired paid-up capital: __________); __ c. No reportorial requirement deficiency; __ d. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; and __ e. Not under corporate rehabilitation. B. Corporate Information __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ d. Petition stating the amendments (for the unsold licensed securities) __ 2. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 3. Opinion of independent counsel on the legality of the Registration Statements __ 4. Supporting documents: __ a. Latest General Information Sheet __ b. Updated copies of agency contracts with general agents, and salesmen __ c. SEC approved trust agreement __ 5. Latest audited financial statements __ 6. Latest interim financial statement signed by the President and Chief Finance Officer of the company C. Product Evaluation __ 1. Actuarial feasibility study with actuarial certification of SEC accredited pre-need actuary containing the following: CSEHcT __ a. A viability model which includes, but is not limited to, the following: __ 1) Interest rate assumptions; the rate shall in no case exceed 80% of the average interest rate for the longest term Philippine government securities traded during the previous three months, or such other prudent and attainable interest rate as the Commission may allow; __ 2) Withdrawal assumptions: lapses and surrenders; __ 3) Schedule of Trust Fund deposits rates for all payment terms, including spot cash with or without down payment; __ 4) Schedule of Trust Fund projection for all payment terms; __ 5) Amount and costs of plan benefits including the contingent benefit availment rates assumed for mortuary-type benefits; __ 6) Expenses and loadings including, but not limited to, all required fees and taxes, commissions, overrides, bonuses, premiums on insured benefits, and all other charges; __ 7) Schedule of Termination Values; __ 8) Schedule of Projected Reserve Liability Values; __ 9) Pricing schedule including __ i. how the gross pre-need price was generated __ ii. actuarial formulations. __ b. Under oath actuarial certification from a SEC accredited pre-need actuary containing the following: __ 1) A statement certifying that the actuarial formulations used in the viability model are in accordance with generally accepted actuarial principles and practices, existing laws, and pertinent rules and regulations of the Commission; __ 2) A statement of opinion that the actuarial assumptions used in the viability model are reasonable and appropriate for the plan; __ 3) A statement certifying that the plan price/s, scheduled trust fund contributions, projected reserve liabilities, and termination values are in accordance with generally accepted actuarial principles; __ 4) A statement certifying that the actuary has reviewed the provisions of the plan contract relative to its benefits and guarantees which have been quantified and considered in the pricing, reserve valuation, trust fund contribution, and termination values; aEcSIH __ 5) A statement of opinion that all insurance benefits included in the plan agreement are covered under insurance contract(s) with a duly licensed insurance carrier; __ 6) A statement that the actuary has followed the guidelines and standards of the Actuarial Society of the Philippines and has adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable. __ c. Actuarial notes used in the viability model for the complete duration of the plan with regard to the following: __ 1) plan description, __ 2) formulations, __ 3) assumptions. __ 2. Supporting documents: __ a. Updated copies of Information Brochure and other printed literature which the issuer intends to distribute to the public __ b. List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider __ c. Pre-need plan application form including general provision for new product __ d. Pre-need plan contract/agreement including general provisions for new product __ e. Specimen copies of Group Master Insurance Policy for Group Credit Life and Group Yearly Renewable Term including copies of insurance riders for supplementary insurance benefits; sample copies of individual insurance certificates. __ f. Contract Price schedule showing minimum and maximum pricing by type of payment term for the Notice and Order, using the SEC format __ g. Updated list of schools for traditional education plans, including current costs of promised benefits __ h. Updated Training Manual B. Additional Requirement __ a. List of complaints filed by planholders and their status Filing fee: 1/10% of the maximum aggregate price at which pre-need plans are proposed to be offered plus legal research fee of 1% of the total assessment ________________________ ___________ Signature over printed name Date of SEC processor REMARK: The maximum amount of pre-need plans to be registered shall be equivalent to the corporation's sales for the last 36 months preceding the date of application with condition that any unsold registered plans beyond 24 months shall require an actuarial certificate or a revised actuarial feasibility study by a SEC accredited actuary. The actuarial certificate shall state that there are no changes in assumptions and the previous feasibility study is still viable. A revised actuarial feasibility study shall be submitted if there are any changes in actuarial assumptions and formulation . F. Amendments to the Pre-Need Plan Contract or Other Documents Pertinent to Registration Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. I. Plan Contract __ 1. Petition specifying the existing and proposed provisions in tabular presentation __ 2. Existing plan contract Filing fee: P2,500 plus legal research of 1% of filing fee ________________________ ___________ Signature over printed name Date of processor II. Trust Agreement __ 1. Petition __ 2. Proposed Trust Agreement Filing fee: P2,500 plus legal research of 1% of filing fee ________________________ ___________ Signature over printed name of Date Securities Counsel III/ Chief Securities Counsel G. Checklist of Requirements for Amendment/s of the Registration Statements as Dealer in Pre-Need Plans Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. __ 1. Petition stating the amendment/s __ 2. Corporate Secretary's Certificate reflecting the Board Resolution authorizing the amendment __ 3. SEC Application Form duly accomplished under oath as dealer in pre-need which is signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ 4. Latest SEC approved Amended Articles of Incorporation/Articles of Merger/Articles of Consolidation reflecting the amendments, if applicable __ 5. SEC Certificate of Approval, if applicable __ 6. For transfer of head office: a. Amended Articles of Incorporation if the new place of business is different from Article III of the company's Articles of Incorporation b. Proof of Notice of Transfer to be posted at the former building c. Exact address of proposed office __ 7. Other documents to support the amendments Filing fee: a. For transfer of head office, P10,000 plus legal research fee of 1% of the filing fee b. For other amendments, P2,500 plus legal research fee of 1% of the filing fee ________________________ ___________ Signature over printed name Date of SEC processor H. Checklist of Requirements for Licensing of Branch Opening Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. __ 1. Application letter __ 2. Address of the proposed branch office __ 3. Organizational chart __ 4. Manpower requirement __ 5. Biodata of responsible officer (with 2" x 2" picture) Filing fee: a. Within Metro Manila P5,000 plus legal research fee of 1% of the filing fee. b. Outside Metro Manila P2,500 plus legal research fee of 1% of the filing fee. ________________________ ___________ Signature over printed name Date of SEC processor I. Checklist of Requirements for Branch Transfer Involving No Change in Locality Note: 1. All documents should be submitted in four (4) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. llcd 3. Accomplished checklist should be left with the SEC processor. __ 1. Application for Transfer of Branch. __ 2. Proof of Notice of Transfer posted at the former building at least two (2) weeks before the proposed date of transfer. __ 3. Letter given to planholders informing them of the application for branch transfer. __ 4. Affidavit duly executed by a responsible officer of the company that all planholders were duly notified. __ 5. Exact address of proposed office. FILING FEE: a. Within Metro Manila P5,000 plus legal research fee of 1% of filing fee b. Outside Metro Manila P2,500 plus other research fee of 1% of filing fee REMARKS: a. Notice of Transfer must be posted at the former building within five (5) days from the effective date of transfer. b. Proof of subsequent notice of Transfer must be submitted to the SEC. ________________________ ___________ Signature over printed name Date of SEC processor I.2 Checklist of Requirements for Branch Transfer Within the Same Building or Establishment Note: 1. All documents should be submitted in four (4) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. __ 1. Letter informing SEC of the transfer within the same building or establishment. __ 2. Proof of Notice of Transfer posted at the former building at least two (2) weeks before the proposed date of transfer. __ 3. Exact address of proposed office. FILING FEE: No filing fee is required. REMARKS: a. Notice of Transfer must be posted at the former building within five (5) days from the effective date of transfer. aETAHD b. Proof of subsequent notice of Transfer must be submitted to the SEC. ________________________ ___________ Signature over printed name Date of SEC processor J. Checklist of Requirements for Branch Transfer Involving a Change in Locality Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. __ 1. Application for Transfer of Branch. __ 2. Copy of affidavit of conformity of the resident agent/contact person or an agreement executed by and between the company and resident agent/contact person that he will attend to the installment payment, benefit claim, queries and complaints against the corporation. __ 3. Notice to Planholders which must be published once in a newspaper of local circulation at least two (2) weeks before the proposed date of transfer stating the following: (i) Fact that planholders were informed of the proposed transfer of branch (ii) Name and address of the resident agent/contact person who will attend to their (ii.1) installment payment (ii.2) benefit claim (ii.3) queries and (ii.4) complaints against the corporation. __ 4. An affidavit duly executed by a responsible officer of the company to the effect that said Notice has been sent by registered mail to all planholders being served by the branch office at the last address shown in the records of the branch and posted in the said office and in two conspicuous places in the municipality where the branch office is located. FILING FEE: a. Within Metro Manila P5,000 plus legal research fee of 1% of filing fee b. Outside Metro Manila P2,500 plus legal research fee of 1% of filing fee REMARKS: a. Publication of SEC approval must be done within five (5) days from the effective date of transfer. b. Affidavit of proof of subsequent publication must be submitted to the SEC. ________________________ ___________ Signature over printed name Date of SEC processor K. Checklist of Requirements for Application of Branch Closure Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. __ 1. Application for Closure of Branch. __ 2. Copy of affidavit of conformity of the resident agent/contact person or an agreement executed by and between the company and resident agent/contact person that he will attend to the installment payment, benefit claim, queries and complaints against the pre-need company. __ 3. Notice to Planholders which must be published once in a newspaper of local circulation at least two (2) weeks before the proposed date of closure stating the following: (i) Fact that planholders were informed of the proposed closure of branch (ii) Name and address of the resident agent/contact person who will attend to their (ii.1) installment payment (ii.2) benefit claim (ii.3) queries and (ii.4) complaints against the corporation. __ 4. An affidavit duly executed by a responsible officer of the company to the effect that said Notice has been sent by registered mail to all planholders being served by the branch office at the last address shown in the records of the branch and posted in the said office and in two conspicuous places in the municipality where the branch office is located. FILING FEE: a. Within Metro Manila P1,000 plus legal research fee of 1% of filing fee b. Outside Metro Manila P1,000 plus legal research fee of 1% of filing fee REMARKS: a. Publication of SEC approval must be done within five (5) days from the effective date of closure. b. Affidavit of proof of subsequent publication must be submitted to the SEC. ________________________ ___________ Signature over printed name Date of SEC processor L. Checklist of Requirements Governing Requests for Exemptive Reliefs Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. 1. Letter-request which shall state the following information: __ a. The specific rule or order, requirement or prohibition from which relief is being sought __ b. The legal basis or justification for the exemption; and __ c. The name, address, and telephone number/s of the applicant. 2. Payment of filing fee of P20,000.00 plus legal research fee of 1% of the filing fee 3. Certificate under oath executed by a responsible officer of the trustee that the filing fee was not sourced from the trust fund ________________________ ___________ Signature over printed name Date of SEC processor M. Checklist of Requirements for Registration of Overissued Securities Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ 1. With dealer's license for the current year; __ 2. No reportorial requirement deficiency; __ 3. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; __ 4. Not under corporate rehabilitation; __ 5. No trust fund deficiency; and __ 6. No paid-up capital impairment (State current unimpaired paid-up capital: _________________) B. Corporate Information __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. SIAEHC __ 2. Board resolution authorizing the registration of applicant's securities __ 3. Updated General Information Sheet. Filing fee: 1/10 of 1% of the maximum aggregate price at which pre-need plans are proposed to be offered plus legal research fee of 1% of the total assessment. ________________________ ___________ Signature over printed name Date of SEC processor PART II Processing of Application for Expeditious Approval ANNEX A Checklist of Requirements for Registration of Additional Securities with Price Increase Involving No Change in Benefits or Other Terms and Conditions of the Existing Plan Contract 1/ and No Change inActuarial Formulations Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ 1. No reportorial requirement deficiency; __ 2. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; __ 3. Not under corporate rehabilitation; __ 4. No trust fund deficiency; and __ 5. No paid-up capital impairment (State current unimpaired paid-up capital: _________________) B. Corporate Information __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". aEHTSc __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 2. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 3. Opinion of independent counsel on the legality of the Registration Statements __ 4. Supporting documents: __ a. Latest General Information Sheet __ b. Updated copies of agency contracts with general agents, agencies, counselors, and salesmen __ c. For Life Plans __ List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider C. Product Evaluation __ 1. Actuarial Feasibility Study prepared by a SEC Accredited Pre-Need Actuary __ a. A viability model which includes, but is not limited to, the following: __ 1) Interest rate assumptions; the rate shall in no case exceed 80% of the average interest rate for the longest term Philippine government securities traded during the previous three months, or such other prudent and attainable interest rate as the Commission may allow; __ 2) Withdrawal assumptions: lapses and surrenders should not be excessive; __ 3) Schedule of Trust Fund deposits rates for all payment terms, including spot cash with or without down payment; __ 4) Schedule of Trust Fund projection for all payment terms; __ 5) Amount and costs of plan benefits including the contingent benefit, availment rates assumed for mortuary-type benefits should be adequate; __ 6) Expenses and loadings including, but not limited to, all required fees and taxes, commissions, overrides, bonuses, premiums on insured benefits, and all other charges; __ 7) Schedule of Termination Values; __ 8) Schedule of Projected Reserve Liability Values; cHCaIE __ 9) Pricing schedule including __ i. how the gross pre-need price was generated __ ii. actuarial formulations __ 10) Sample asset share for shortest, medium term and longest maturity periods for all payment terms. __ b. Sworn Certification of a SEC accredited actuary following prescribed format (See Annex A-1) __ c. Actuarial notes used in the viability model for the complete duration of the plan with regard to the following: __ 1) plan benefits guaranteed by the pre-need company and all ancillary benefits provided by insurance companies or any other third party including transferability and assignability of the plan __ 2) formulations, must include all benefits and contribution to reserves. All notations and symbols must be appropriately defined __ 3) assumptions must be validated by actual experience __ 2. New price schedule __ 3. Contract price schedule showing minimum and maximum pricing by type of payment term of the current and proposed pricing using SEC format D. Affidavit __ Deed of Undertaking (See Annex A-2) Filing fee: 1/10% of 1% of the maximum aggregate price at which pre-need plans are proposed to be offered plus legal research fee of 1% of the total assessment. E. Additional Requirement __ List of complaints filed by planholders and their status ________________________ ___________ Signature over printed name Date of SEC processor REMARK: The maximum amount of pre-need plans to be registered shall be equivalent to the corporation's sales for the last 36 months preceding the date of application with condition that any unsold registered plans beyond 24 months shall require an actuarial certificate or a revised actuarial feasibility study by a SEC accredited actuary. The actuarial certificate shall state that there are no changes in assumptions and the previous feasibility study is still viable. A revised actuarial feasibility study shall be submitted if there are any changes in actuarial assumptions and formulation . SIHCDA ANNEX B Checklist of Requirements for Registration of Additional Securities without Price Increase Involving No Change in Benefits or Other Terms and Conditions of the Existing Plan Contract, 1/ No Change in Actuarial Formulation but with Change in Actuarial Assumptions Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ 1. No reportorial requirement deficiency; __ 2. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; __ 3. Not under corporate rehabilitation; __ 4. No trust fund deficiency; and __ 5. No paid-up capital impairment (State current unimpaired paid-up capital: _________________) B. Corporate Information: __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 2. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 3. Opinion of independent counsel on the legality of the Registration Statements EScHDA __ 4. Supporting documents: __ a. Latest General Information Sheet __ b. Updated copies of agency contracts with general agents, agencies, counselors, and salesmen __ c. For Life Plans __ List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider C. Product Evaluation __ 1. Actuarial Feasibility Study prepared by a SEC Accredited Actuary __ a. A viability model which includes, but is not limited to, the following: __ 1) Interest rate assumptions; the rate shall in no case exceed 80% of the average interest rate for the longest term Philippine government securities traded during the previous three months, or such other prudent and attainable interest rate as the Commission may allow; __ 2) Withdrawal assumptions: lapses and surrenders should not be excessive; __ 3) Schedule of Trust Fund deposits rates for all payment terms, including spot cash with or without down payment; __ 4) Schedule of Trust Fund projection for all payment terms; __ 5) Amount and costs of plan benefits including the contingent benefit, availment rates assumed for mortuary-type benefits should be adequate; __ 6) Expenses and loadings including, but not limited to, all required fees and taxes, commissions, overrides, bonuses, premiums on insured benefits, and all other charges; __ 7) Schedule of Termination Values; __ 8) Schedule of Projected Reserve Liability Values; __ 9) Pricing schedule including __ i. how the gross pre-need price was generated __ ii. actuarial formulations __ 10) Sample asset share for shortest, medium term and longest maturity periods for all payment terms. DcIHSa __ b. Sworn Certification of a SEC accredited actuary following prescribed format (See Annex B-1) __ c. Actuarial notes used in the viability model for the complete duration of the plan with regard to the following: __ 1) plan benefits guaranteed by the pre-need company and all ancillary benefits provided by insurance companies or any other third party including transferability and assignability of the plan. __ 2) formulations, must include all benefits and contribution to reserves. All notations and symbols must be appropriately defined. __ 3) assumptions must be validated by actual experience. __ 2. Contract price schedule showing minimum and maximum pricing by type of payment term of the current and proposed pricing using SEC format D. Affidavit __ Deed of Undertaking (See Annex B-2) E. Additional Requirement __ List of complaints filed by planholders and their status Filing fee: 1/10% of 1% of the maximum aggregate price at which pre-need plans are proposed to be offered plus legal research fee of 1% of the total assessment. ________________________ ___________ Signature over printed name Date of SEC processor REMARK: The maximum amount of pre-need plans to be registered shall be equivalent to the corporation's sales for the last 36 months preceding the date of application with condition that any unsold registered plans beyond 24 months shall require an actuarial certificate or a revised actuarial feasibility study by a SEC accredited actuary. The actuarial certificate shall state that there are no changes in assumptions and the previous feasibility study is still viable. A revised actuarial feasibility study shall be submitted if there are any changes in actuarial assumptions and formulation . ANNEX C Checklist of Requirements for Registration of Additional Securities without Price Increase Involving No Change in Benefit or Other Terms and Conditions of the Existing Plan Contract, 1/ No Change in Actuarial Formulation and No Change in Actuarial Assumptions Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. DIECTc 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ 1. No reportorial requirement deficiency; __ 2. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; __ 3. Not under corporate rehabilitation; __ 4. No trust fund deficiency; and __ 5. No paid-up capital impairment (State current unimpaired paid-up capital: _________________) B. Corporate Information __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 2. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 3. Opinion of independent counsel on the legality of the Registration Statements __ 4. Supporting documents: __ a. Latest General Information Sheet __ b. Updated copies of agency contracts with general agents, agencies, counselors, and salesmen __ c. For Life Plans __ List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider C. Product Evaluation __ 1. Sworn certification of SEC accredited pre-need actuary following the prescribed format (See Annex C-1) __ 2. Contract price schedule showing minimum and maximum pricing by type of payment term using SEC format D. Affidavit __ Deed of Undertaking (See Annex C-2) E. Additional Requirement __ List of complaints filed by planholders and their status Filing fee: 1/10% of 1% of the maximum aggregate price at which pre-need plans are proposed to be offered plus legal research fee of 1% of the total assessment. ________________________ ___________ Signature over printed name Date of SEC processor REMARK: The maximum amount of pre-need plans to be registered shall be equivalent to the corporation's sales for the last 36 months preceding the date of application with condition that any unsold registered plans beyond 24 months shall require an actuarial certificate or a revised actuarial feasibility study by a SEC accredited actuary. The actuarial certificate shall state that there are no changes in assumptions and the previous feasibility study is still viable. A revised actuarial feasibility study shall be submitted if there are any changes in actuarial assumptions and formulation . ANNEX D Checklist of Requirements for Petition for Price Increase for the Unsold Balance of Previously Approved Registration Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ 1. No reportorial requirement deficiency; __ 2. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; __ 3. Not under corporate rehabilitations; __ 4. No trust fund deficiency; and __ 5. No paid-up capital impairment (State current unimpaired paid-up capital: _________________) B. Corporate Information __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 2. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 3. Opinion of independent counsel on the legality of the Registration Statements __ 4. Supporting documents: __ a. Latest General Information Sheet __ b. Updated copies of agency contracts with general agents, agencies, counselors, and salesmen __ c. For Life Plans __ List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider C. Product Evaluation __ 1. Petition __ 2. Actuarial Feasibility Study prepared by a SEC Accredited Actuary __ a. A viability model which includes, but is not limited to, the following: __ 1) Interest rate assumptions; the rate shall in no case exceed 80% of the average interest rate for the longest term Philippine government securities traded during the previous three months, or such other prudent and attainable interest rate as the Commission may allow; __ 2) Withdrawal assumptions: lapses and surrenders should not be excessive; __ 3) Schedule of Trust Fund deposits rates for all payment terms, including spot cash with or without down payment; __ 4) Schedule of Trust Fund projection for all payment terms; __ 5) Amount and costs of plan benefits including the contingent benefit, availment rates assumed for mortuary-type benefits should be adequate; __ 6) Expenses and loadings including, but not limited to, all required fees and taxes, commissions, overrides, bonuses, premiums on insured benefits, and all other charges; __ 7) Schedule of Termination Values; __ 8) Schedule of Projected Reserve Liability Values; __ 9) Pricing schedule including __ i. how the gross pre-need price was generated __ ii. actuarial formulations. CDHacE __ 10) Sample asset share for shortest, medium term and longest maturity periods for all payment terms. __ b. Sworn Certification of a SEC accredited actuary following prescribed format (See Annex D-1) __ c. Actuarial notes used in the viability model for the complete duration of the plan with regard to the following: __ 1) plan benefits guaranteed by the pre-need company and all ancillary benefits provided by insurance companies or any other third party including transferability and assignability of the plan __ 2) formulations, must include all benefits and contribution to reserves. All notations and symbols must be appropriately defined. __ 3) assumptions must be validated by actual experience __ 3. New price schedule __ 4. Contract price schedule showing minimum and maximum pricing by type of payment term of the current and proposed pricing using SEC format D. Affidavit __ Deed of Undertaking (See Annex D-2) E. Additional Requirement __ List of complaints filed by planholders and their status Filing fee: P2,500 plus legal research of 1% of filing fee ________________________ ___________ Signature over printed name Date of SEC processor ANNEX E Checklist of Requirements for Petition for the Conversion of Unsold Approved Securities from One Type of Plan to Another Existing Previously Approved Plan Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements __ 1. No reportorial requirement deficiency; __ 2. No unpaid fines and penalties imposed by the Commission for violations of the New Pre-Need Rules on the Registration and Sale of Pre-Need Plans; __ 3. Not under corporate rehabilitations; TcHCIS __ 4. No trust fund deficiency; and __ 5. No paid-up capital impairment (State current unimpaired paid-up capital: _________________) B. Corporate Information __ 1. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 2. Corporate Secretary's Certificate reflecting the board resolution authorizing the registration of applicant's securities __ 3. Opinion of independent counsel on the legality of the Registration Statements __ 4. Supporting documents: __ a. Latest General Information Sheet __ b. Updated copies of agency contracts with general agents, agencies, counselors, and salesmen __ c. For Life Plans __ List of Affiliated/Contracted Mortuary together with the Updated Mortuary Agreement and Audited Financial Statements of the Pre-Need Corporation's biggest service provider C. Product Evaluation __ 1. Petition, specifying benefit description of the plans to be sold which will be converted from the remaining approved unsold plans. __ 2. SEC Application Form duly accomplished under oath __ a. Registration Statements signed by the issuer's Chief Executive Officer or Chief Operating Officer or Chief Finance Officer or a Corporate Officer performing similar functions. __ b. Registration Statements properly completed all items shall be answered; provided the items which are not applicable shall be filled with "n.a.". HSIDTE __ c. The amount and number for each type of plan to be registered shall be specified in Item No. 11. __ 3. Actuarial Feasibility Study prepared by a SEC Accredited Actuary __ a. A viability model which includes, but is not limited to, the following: __ 1) Interest rate assumptions; the rate shall in no case exceed 80% of the average interest rate for the longest term Philippine government securities traded during the previous three months, or such other prudent and attainable interest rate as the Commission may allow; __ 2) Withdrawal assumptions: lapses and surrenders should not be excessive; __ 3) Schedule of Trust Fund deposits rates for all payment terms, including spot cash with or without down payment; __ 4) Schedule of Trust Fund projection for all payment terms; __ 5) Amount and costs of plan benefits including the contingent benefit, availment rates assumed for mortuary-type benefits should be adequate; __ 6) Expenses and loadings including, but not limited to, all required fees and taxes, commissions, overrides, bonuses, premiums on insured benefits, and all other charges; __ 7) Schedule of Termination Values; __ 8) Schedule of Projected Reserve Liability Values; __ 9) Pricing schedule including __ i. how the gross pre-need price was generated __ ii. actuarial formulations __ 10) Sample asset share for shortest, medium term and longest maturity periods for all payment terms __ b. Sworn Certification of a SEC accredited actuary following prescribed format (See Annex E-1) __c. Actuarial notes used in the viability model for the complete duration of the plan with regard to the following: __ 1) plan benefits guaranteed by the pre-need company and all ancillary benefits provided by insurance companies or any other third party including transferability and assignability of the plan __ 2) formulations, must include all benefits and contribution to reserves. All notations and symbols must be appropriately defined. __ 3) assumptions must be validated by actual experience __ 4. Contract price schedule showing minimum and maximum pricing by type of payment term using the SEC format D. Affidavit __ Deed of Undertaking (See Annex E-2) E. Additional Requirement __ List of complaints filed by planholders and their status Filing fee: P2,500 plus legal research of 1% of filing fee ________________________ ___________ Signature over printed name Date of SEC processor PART III Processing of Other Registrations Checklist of Requirements for Accreditation of a Qualified Actuary Note: 1. All documents should be submitted in three (3) copies together with the required SEC Standard Cover Sheet. TCaEIc 2. All documents should be arranged in the order appearing below. 3. Accomplished checklist should be left with the SEC processor. A. Eligibility Requirements 1. Group A Pre-Need Actuary: __ a. Must be a Fellow of good standing of the Actuarial Society of the Philippines (ASP) __ b. Must have passed the relevant examinations and attended or participated in workshops or seminars conducted by SEC or the ASP, if any, that are relevant to pre-need for the preceding year. 2. Group B Pre-Need Validator: a. Associate: __ a. Must be an Associate of good standing of the ASP __ b. Must have completed the examination for associate status prescribed by ASP __ c. Must have two-year experience in actuarial work either in pre-need or insurance regarding product pricing and valuation b. Affiliate: __ a. Must be an Affiliate of good standing of the ASP __ b. Must be a college graduate __ c. Must have completed three (3) examinations for affiliate status prescribed by ASP __ d. Must have two-year experience in actuarial work either in pre-need or insurance regarding product pricing and valuation B. Registration Requirements __ 1. SEC Standard Cover Sheet (Annex A) __ 2. SEC Information Sheet (Annex B) __ 3. Notarized Certification (Annex C) __ 4. Certificate of Membership in good standing in his professional organization __ 5. Photo copies of Certificates of Attendance/Participation in pre-need and other relevant seminars and trainings for the preceding year Accreditation will be good for three years unless sooner revoked or suspended for cause. Filing fee: P5,000.00 (for Pre-Need Actuary); P4,000.00 (for Pre-Need Validator) plus legal research fee of 1% of the filing fee ________________________ ___________ Signature over printed name Date of SEC processor ANNEX A-1 CERTIFICATION (Registration of Additional Securities with Price Increase Involving No Change in Benefits of Other Terms and Conditions of the Existing Plan Contract, No Change in Actuarial Formulations) I, ________________ (name of actuary) , do hereby certify that: 1. The proposed price increase for __________________________ (name of pre-need plan, with the appropriate identifying numbers or codes) , was computed using the same formulas, but with revised assumptions, from the previously approved ______________________ (date of approval) plan. The revised assumptions are as follows: (Enumerate here) 2. The above-mentioned assumptions used in the actuarial study for revising the prices are, in my opinion, justified by current conditions and appropriate to future conditions for the application. 3. I have reviewed the provisions of the plan agreement describing the benefits and the guarantees, and declare herewith that such provisions are the same with the previously approved plan agreement and have been considered in the pricing. 4. The actuarial formulations used for the revised pricing are the same with the formulations used in the original pricing and are in compliance with regulatory requirements. 5. The rates of deposits to the trust fund are not less than the minimum deposit rates required under the rules of the SEC, and the resulting trust fund contributions are sufficient to pay all benefits and guarantees described in the plan. 6. All insurance benefits included in the plan agreement are covered under appropriate insurance contracts, approved by the Insurance Commission, and issued by (a) duly licensed insurance carrier(s). 7. I have discussed the pricing assumptions and the viability result with top management of the company. 8. I have followed the SEC rules and regulations, guidelines and standards of the Actuarial Society of the Philippines, and I have adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable. SaHcAC 9. I acknowledge my personal liability as a consequence of this Certification, warranting disaccreditation by the Securities and Exchange Commission or any other appropriate action that may be taken, before the proper forum. ______________________________ Actuary/Consulting Actuary SEC Accreditation No. ___________ Issued on: _____________________ PTR No.: _____________________ Issued at: _____________________ Date: ________________________ REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX A-2 AFFIDAVIT I, ______________________, (citizenship), of legal age, married/single, in my official capacity as _________________________, of (name of Pre-Need Corporation) with principal office address at _________________________, after having been duly sworn in accordance with law, hereby depose and say that: i. That the Checklist was duly accomplished by the authorized officer of the Pre-Need Corporation and that all entries made on the submitted documents are correct and accurate; ii. That all plans, sold by the Pre-Need Corporation or by its general agent, prior to the Revocation of the Certificate of Registration shall be deemed to be of full force and effect, and is enforceable against the Pre-Need Corporation; and iii. That, in case a Certificate of Revocation has been issued pursuant to a post audit conducted by the Commission, the Pre-Need Corporation or its general agent shall be enjoined from selling pre-need plans unless the Order of Revocation has been lifted. IN WITNESS WHEREOF, I have hereunto affixed my signature this ___ day of _______________, 200__, at _____________________. _________________________ (Signature over Printed Name) REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this _____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. DISaEA Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX B-1 CERTIFICATION (Registration of Additional Securities without Price Increase Involving No Change in Benefits or Other Terms and Conditions of the Existing Plan Contract, No Change in Actuarial Formulations but with Change in Actuarial Assumptions) I, ________________ (name of actuary) , do hereby certify that: THIASE 1. The actuarial formulations used in this study are in accordance with generally accepted actuarial principles and practices, existing laws, pertinent rules and regulations of the Securities and Exchange Commission, but with revised assumptions, from the previously approved (date of approval ) plan. The revised assumptions are as follows: (Enumerate here) 2. The revised actuarial assumptions used in the viability model are reasonable and appropriate for the plan; 3. The schedule of the trust fund contributions, projected reserve liabilities, and termination values are formulated or derived in accordance with the above actuarial formulations and assumptions; 4. I have reviewed the provisions of the plan agreement and all of its benefits and guarantees have been quantified and considered in the pricing, reserve valuation, and termination values; 5. The rates of deposits to the trust fund are not less than the minimum deposit rates required under the rules of the SEC, and the resulting trust fund contributions are sufficient to pay all benefits and guarantees described in the plan; 6. All insurance benefits included in the plan agreement are covered under appropriate insurance contracts, approved by the Insurance Commission, and issued by (a) duly licensed insurance carrier(s); 7. I have discussed the pricing assumptions and the viability result with top management of the company; 8. I have followed the SEC rules and regulations, guidelines and standards of the Actuarial Society of the Philippines, and I have adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable; 9. I acknowledge my personal liability as a consequence of this Certification, warranting disaccreditation by the Securities and Exchange Commission or any other appropriate action that may be taken, before the proper forum. __________________________ Actuary/Consulting Actuary SEC Accreditation No. _______ Issued on: __________________ PTR No.: ___________________ Issued at: ___________________ Date: ______________________ REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of _________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. EHTADa Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200___ ANNEX B-2 AFFIDAVIT I, ______________________, (citizenship), of legal age, married/single, in my official capacity as _________________________, of (name of Pre-Need Corporation) with principal office address at _________________________, after having been duly sworn in accordance with law, hereby depose and say that: i. That the Checklist was duly accomplished by the authorized officer of the Pre-Need Corporation and that all entries made on the submitted documents are correct and accurate; ii. That all plans, sold by the Pre-Need Corporation or by its general agent, prior to the Revocation of the Certificate of Registration shall be deemed to be of full force and effect, and is enforceable against the Pre-Need Corporation; and iii. That, in case a Certificate of Revocation has been issued pursuant to a post audit conducted by the Commission, the Pre-Need Corporation or its general agent shall be enjoined from selling pre-need plans unless the Order of Revocation has been lifted. IN WITNESS WHEREOF, I have hereunto affixed my signature this ____ day of _______________, 200__, at _____________________. ________________________ (Signature over Printed Name) REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this _____ day of _____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX C-1 CERTIFICATION (Registration of Additional Securities without Price Increase Involving No Change in Benefit or Other Terms and Conditions of the Existing Plan Contract, No Change in Actuarial Formulation and No Change in Actuarial Assumptions) I, ________________ (name of actuary) , do hereby certify that: 1. The actuarial formulations used in this study are in accordance with generally accepted actuarial principles and practices, existing laws, pertinent rules and regulations of the Securities and Exchange Commission; 2. The original actuarial assumptions used in the viability model are reasonable and appropriate for the plan; 3. The schedule of the trust fund contributions, projected reserve liabilities, and termination values are formulated or derived in accordance with the above actuarial formulations and assumptions; 4. I have reviewed the provisions of the plan agreement and all of its benefits and guarantees have been quantified and considered in the pricing, reserve valuation, and termination values; cDHCAE 5. The rates of deposits to the trust fund are not less than the minimum deposit rates required under the rules of the SEC, and the resulting trust fund contributions are sufficient to pay all benefits and guarantees described in the plan; 6. All insurance benefits included in the plan agreement are covered under appropriate insurance contracts, approved by the Insurance Commission, and issued by (a) duly licensed insurance carrier(s); 7. I have discussed the pricing assumptions and the viability result with top management of the company; 8. I have followed the SEC rules and regulations, guidelines and standards of the Actuarial Society of the Philippines, and I have adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable; 9. I acknowledge my personal liability as a consequence of this Certification, warranting disaccreditation by the Securities and Exchange Commission or any other appropriate action that may be taken, before the proper forum. __________________________ Actuary/Consulting Actuary SEC Accreditation No. _______ Issued on: __________________ PTR No. ___________________ Issued at: ___________________ Date: ______________________ REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this _____ day of ______________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX C-2 AFFIDAVIT I, ______________________, (citizenship), of legal age, married/single, in my official capacity as ________________________, of (name of Pre-Need Corporation) with principal office address at _________________________, after having been duly sworn in accordance with law, hereby depose and say that: CAIaHS i. That the Checklist was duly accomplished by the authorized officer of the Pre-Need Corporation and that all entries made on the submitted documents are correct and accurate; ii. That all plans, sold by the Pre-Need Corporation or by its general agent, prior to the Revocation of the Certificate of Registration shall be deemed to be of full force and effect, and is enforceable against the Pre-Need Corporation; and iii. That, in case a Certificate of Revocation has been issued pursuant to a post audit conducted by the Commission, the Pre-Need Corporation or its general agent shall be enjoined from selling pre-need plans unless the Order of Revocation has been lifted. IN WITNESS WHEREOF, I have hereunto affixed my signature this _____ day of _______________, 200__, at _____________________. ________________________ (Signature over Printed Name) REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ______ day of _____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ EXHIBIT D-1 CERTIFICATION (Petition for Price Increase for the Unsold Balance of Previously Approved Registration) I, ________________ (name of actuary) , do hereby certify that: 1. The proposed price increase for (name of pre-need plan, with the appropriate identifying numbers or codes), was computed using the same formulas, but with revised assumptions, from the previously approved (date of approval) plan. The revised assumptions are as follows: (Enumerate here) 2. The above-mentioned assumptions used in the actuarial study for revising the prices are, in my opinion, justified by current conditions and will be applicable to future conditions. ETIHCa 3. I have reviewed the provisions of the plan agreement describing the benefits and the guarantees, and declare herewith that such provisions are the same with the previously approved plan agreement and have been considered in the pricing; 4. The actuarial formulations used for the revised pricing are the same with the formulations used in the original pricing and are in compliance with regulatory requirements; 5. The rates of deposits to the trust fund are not less than the minimum deposit rates required under the rules of the SEC, and the resulting trust fund contributions are sufficient to pay all benefits and guarantees described in the plan. 6. All insurance benefits included in the plan agreement are covered under appropriate insurance contracts, approved by the Insurance Commission, and issued by (a) duly licensed insurance carrier(s). 7. I have discussed the pricing assumptions and the viability result with top management of the company. 8. I have followed the SEC rules and regulations, guidelines and standards of the Actuarial Society of the Philippines, and I have adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable. 9. I acknowledge my personal liability as a consequence of this Certification, warranting disaccreditation by the Securities and Exchange Commission or any other appropriate action that may be taken, before the proper forum. __________________________ Actuary/Consulting Actuary SEC Accreditation No. ________ Issued on: __________________ PTR No.: ___________________ Issued at: ___________________ Date: ______________________ REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ______ day of _____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX D-2 AFFIDAVIT I, ______________________, (citizenship), of legal age, married/single, in my official capacity as _________________________, of (name of Pre-Need Corporation) with principal office address at _________________________, after having been duly sworn in accordance with law, hereby depose and say that: DITEAc i. That the Checklist was duly accomplished by the authorized officer of the Pre-Need Corporation and that all entries made on the submitted documents are correct and accurate; ii. That all plans, sold by the Pre-Need Corporation or by its general agent, prior to the Revocation of the Certificate of Registration shall be deemed to be of full force and effect, and is enforceable against the Pre-Need Corporation; and iii. That, in case a Certificate of Revocation has been issued pursuant to a post audit conducted by the Commission, the Pre-Need Corporation or its general agent shall be enjoined from selling pre-need plans unless the Order of Revocation has been lifted. IN WITNESS WHEREOF, I have hereunto affixed my signature this ____ day of _______________, 200__, at _____________________. _________________________ (Signature over Printed Name) REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX E-1 CERTIFICATION (Petition for the Conversion of Unsold Approved Securities from One Type of Plan to Another Existing Previously Approved Plan) I, ________________ (name of actuary) , do hereby certify that: HSTAcI 1. The actuarial assumptions and formulations used in the original study for (identify name of plan and date of original approval) are the same for this application for conversion/transfer of securities. 2. The original actuarial assumptions used are in my opinion, justified by current condition and appropriate to future conditions for the application. 3. The original actuarial formulas used are in compliance with regulatory requirements and are applicable to this application. 4. The original trust fund contributions in the asset share projections are still the same and sufficient to pay all benefits and guarantees described in the plan. 5. The original provisions of the plan agreement and all of its benefits and guarantees which have been quantified and considered in the pricing in setting trust fund contributions, and termination values remain the same as in the plan approved. 6. All insurance benefits included in the plan agreement are still covered under appropriate insurance contracts, approved by the Insurance Commission, and issued by (a) duly licensed insurance carrier(s). 7. All SEC rules and regulations, ASP guidelines and standards have been adhered to. 8. I have followed the SEC rules and regulations, guidelines and standards of the Actuarial Society of the Philippines, and I have adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable. 9. I acknowledge my personal liability as a consequence of this Certification, warranting disaccreditation by the Securities and Exchange Commission or any other appropriate action that may be taken, before the proper forum. ___________________________ Actuary/Consulting Actuary SEC Accreditation No. ________ Issued on: __________________ PTR No.: ___________________ Issued at: ___________________ Date: ______________________ REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. CIcTAE Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX E-2 AFFIDAVIT I, ______________________, (citizenship), of legal age, married/single, in my official capacity as _________________________, of (name of Pre-Need Corporation) with principal office address at _________________________, after having been duly sworn in accordance with law, hereby depose and say that: i. That the Checklist was duly accomplished by the authorized officer of the Pre-Need Corporation and that all entries made on the submitted documents are correct and accurate; ii. That all plans, sold by the Pre-Need Corporation or by its general agent, prior to the Revocation of the Certificate of Registration shall be deemed to be of full force and effect, and is enforceable against the Pre-Need Corporation; and iii. That, in case a Certificate of Revocation has been issued pursuant to a post audit conducted by the Commission, the Pre-Need Corporation or its general agent shall be enjoined from selling pre-need plans unless the Order of Revocation has been lifted. IN WITNESS WHEREOF, I have hereunto affixed my signature this ___ day of _______________, 200__, at _____________________. ________________________ (Signature over Printed Name) REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX A Cover Sheet ANNEX B (SEC Information Sheet) Application for Accreditation as Pre-Need Actuary/Validator [ ] Group A Pre-Need Actuary (Fellow of ASP) [ ] Group B Pre-Need Validator (Associate and Affiliate of ASP) 1. Name of Applicant: _________________________________________________ Last Given Middle 2. Sex: _____ 3. Marital Status: _____ 4. Date of Birth: _____ 5. Age: _____ 6. Residence Address: _________________________________________________ _________________________________________________ Telephone Number: ________________ Fax Number: _____________________ 7. Business Address: __________________________________________________ _________________________________________________ Telephone Number: ________________ Fax Number: _____________________ 8. Email Address: ____________________________________________________ 9. Occupation: ______________________________________________________ 10. Education: Course Name of School Year Graduated/ Honors Received _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ _______________ 11. Present Business Affiliation (Including Pre-Need Companies Being Served): Company Position Tel. No. ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ 12. Work Experience: Company Position Tel. No. ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ 13. Professional Qualification (ASP and Other Professional Association): Professional Designation Date Acquired Organization ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ 14. Training Attended: Course Titled Sponsor Date ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ I hereby apply for registration as accredited (Pre-Need Actuary/Validator) of the Securities and Exchange Commission and I attest to the veracity of the above information. EcDATH __________________ _______________________ Date Signature of Actuary REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ ANNEX C CERTIFICATION I, _________________, of legal age, Filipino, with business/residence and postal address at _____________________________, after having been sworn to in accordance with law, do hereby depose and say: 1. That I am a member of __________________ (Professional Organization) in good standing; 2. That I faithfully adhere to the highest standards of professional conduct, including integrity and objectivity/espoused by __________________ (Professional Organization) ; 3. That I have at least two (2)-year experience in actuarial work either in pre-need or insurance regarding product pricing and valuation; 4. That I possess the fundamental knowledge of the regulatory requirements on the secondary licenses; 5. That I have not been convicted by a competent court of any crime involving moral turpitude or fraud (as defined by the Revised Penal Code) or declared liable by the Commission or by any competent court for violation of the Corporation Code or the Securities Regulation Code; 6. That I undertake to fully cooperate with the SEC by preserving my working papers for a period of five (5) years and making available to them or its duly authorized representatives when required to do so; 7. This certification is executed to attest to the truth of the foregoing for whatever legal purpose and intent it may serve. IN WITNESS WHEREOF, I have hereunto affixed my signature this ___ day of _______________, 200__, at _____________________. ________________________ (Signature over Printed Name) REPUBLIC OF THE PHILIPPINES City of ______________________) s.s. Subscribed and sworn to me before this ____ day of ____________, at ______________. Affiant exhibited to me his/her Community Tax Certificate No. _____________ issued on _______________ at ________________, and ____________________ (government issued identification card) as competent evidence of identity. ECDAcS Doc. No.: ________ Page No.: ________ Book No.: ________ NOTARY PUBLIC Series of 200__ Footnotes PART I-A 1/ For: 1. New applicant, 2. Pre-Need corporations resulting from acquisition, merger and consolidation, or 3. Pre-Need corporations without dealer's license for the previous year/s. PART I-B 1/ Based on latest interim financial statements. Paid-up capital should not be less than P5 million. 2/ For: 1. New applicant, or 2. General agent without license for the previous year/s. PART II-A 1/ Provisions of the plan contract must be compliant with the New Rule on the Registration and Sale of Pre-Need Plans under Section 16 of the Securities Regulation Code and Memorandum Circulars issued thereafter. PART II-B 1/ Provisions of the plan contract must be compliant with the New Rule on the Registration and Sale of Pre-Need Plans under Section 16 of the Securities Regulation Code and Memorandum Circulars issued thereafter. PART II-C 1/ Provisions of the plan contract must be compliant with the New Rule on the Registration and Sale of Pre-Need Plans under Section 16 of the Securities Regulation Code and Memorandum Circulars issued thereafter.