Compulsory Membership in the Philippine Federation of Pre-Need Plan Companies, Inc.

November 27, 1996SEC-IRD * MEMORANDUM CIRCULAR NO. 05-96TO : All Pre-Need Plan IssuersRE : Compulsory Membership in the Philippine Federation of Pre-Need Plan Companies, Inc.In order to effectively and efficiently regulate the operation of the pre-need plan industry, and in order to ensure the enforcement and implementation of the rules and regulations promulgated, the Commission, pursuant to the powers vested in it under existing laws, hereby mandates, that henceforth, all new companies seeking approval of their application to sell pre-need plans, shall submit, in addition to the other regular requirements, a certificate of membership in good standing in the Federation.All pre-need plan companies already licensed as such shall likewise submit a certification when they file their renewal for license as dealer in said plans. llcdThis circular shall take effect immediately. (SGD.) PERFECTO R. YASAY, JR.ChairmanSecurities and Exchange Commission