January 26,1996
SEC-IRD * MEMORANDUM CIRCULAR NO. 01-96
RE : Amendment of SEC-IRD Circular No. 2, Series of 1995
SEC-IRD Circular No. 2, Series of 1995, is hereby amended in view of the administrative difficulty that may arise from its implementation by pre-need companies, especially those with provincial branch operations.
As amended therefore, trust fund deposits shall be made within twenty (20) days from the end of each reference month of payments received from plans sold either in cash or installment. The report of such deposits shall also be submitted to the Commission within the same period. Any deficiency in the trust fund shall still be covered by additional deposits to be made within five (5) days from receipt of notice from the Commission regarding such deficiency. cdll
This Circular takes effect immediately.
(SGD.) PERFECTO R. YASAY, JR.
Acting Chairman
