Moratorium on the Registration/Licensing of New Pre-need Plan Companies

October 13, 2000SEC MEMORANDUM CIRCULAR NO. 03-00TO:All Applicants Desiring to Operate a Pre-need Business   SUBJECT:Moratorium on the Registration/Licensing of New Pre-need Plan Companies To open opportunities for small pre-need plan companies to comply with the new paid-up capital requirement of P100 million and to safeguard the interest of the planholders, the Commission has declared a moratorium on the registration/licensing of new pre-need plan companies for a period of one year from the effectivity of this circular. All applicant companies desiring to act as issuers of pre-need plans are therefore encouraged to buy out or invest as a partner in existing pre-need companies which find difficulty in complying with the increased paid-up capital of P100 million. This circular takes effect immediately. HECaTDEDSA, Mandaluyong City, Philippines.  (SGD.) LILIA R. BAUTISTAChairmanSecurities and Exchange Commission