September 14, 2000
SEC MEMORANDUM CIRCULAR NO. 02-00
| TO | : | All Pre-Need Plan Issuers |
| SUBJECT | : | New Paid-Up Capital Requirement |
For the information of all issuers of pre-need plans, SEC-IRD Memo Circular No. 2, Series of 1997 has been revoked to provide for a new paid up capital requirement and capital build up, to wit:
Any new corporation applying for a license to act as issuers of pre-need plans must have a minimum paid up capital of P100 million. However, existing pre-need plan issuers with paid-up capital of less than P100 million are required to build the same within a period of one (1) year from the issuance of this circular without prejudice to the Commission increasing the same. aHcACT
Pre-Need plan companies incurring difficulties in complying with the minimum paid up capital are encouraged to merge with other pre-need companies to comply with said requirement within the same period.
For strict compliance. cEaCAH
(SGD.) LILIA R. BAUTISTA
Chairman
Securities and Exchange Commission
