Adopting Standard Operating Procedures for Pre-Need Issuers

March 30, 1987SEC-BED * MEMORANDUM CIRCULAR NO. 05-87TO:Pre-Need CompaniesThis Commission in its meeting held on March 24, 1987 adopted the following standard operating procedures for Pre-Need Issuers:1. Submission of the latest audited Financial Statements together with unaudited financial statements as of the last quarter and Actuarial Valuation, if already due, shall be allowed for LICENSING OF ADDITIONAL PLANS;2. A salesman shall be licensed only after he has undergone a 3-month on the job training and has sold at least P10,000.00 worth of plans. Contracts during the apprenticeship period, however, must be co-signed by a duly licensed salesman;3. A company selling different types of pre-need contracts shall be licensed as dealer in plans only once;4. Salesmen applying for licensing between the period of January to June and between the period of July to December shall pay a licensing fee of P25.00 and P15.00, each respectively.5. Application for the registration of plans will be processed within thirty (30) days and licensing of additional plans within five (5) days, provided all requirements have been pre-cleared and complied with;6. ...