Beruflich Dokumente
Kultur Dokumente
Ref No
Subject No
Subject Title
Date Adopted
DATE:
06
December 2013
IV. CONTENTS
The phrase contributions of cancelled plans to the Fund has been deleted.
The said Article shall now read as
ARTICLE III WITHDRAWAL AND PAYMENTS MADE OUT OF THE TRUST
FUND. No withdrawal shall be made from the Trust Fund except for paying the
Benefits such as monetary consideration, the cost of services rendered or
property delivered, trust fees, bank charges and investment expenses in the
operation of the Trust Fund, termination values payable to the Planholders,
annuities, and taxes on Trust Funds. Furthermore, only reasonable withdrawal
for minor repairs and costs of ordinary maintenance of trust fund assets shall be
allowed. Except as otherwise provided under this Article, the Pre-Need Code
and its Implementing Rules and Regulations, no withdrawal shall be made from
the TRUST FUND unless approved by the Commission. The TRUST FUND
shall be at all times be sufficient to cover the required pre-need reserve.
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Circular Letter: 2013-32
Category: Sales Agents
Date: 04 November 2013
CIRCULAR LETTER
TO: All Life Insurance Companies Doing Business In the Philippines and their Agents
SUBJECT: Adoption and Implementation of the 2013 Dispute Settlement Procedures in
Relation to the Recruitment and Transfers of Employees and Sales Producers
I. INTRODUCTION
Dispute Settlement Procedures is to encourage the early and expeditious
settlement of disputes, to provide an alternative, and less adversarial, mode of
dispute resolution, and to ensure confidentiality of the proceedings for the
protection of the interest of all Members. The circular covers the provisions
regarding conciliation, mediation and arbitration.
II. HISTORY
Supersedes of the Insurance Commission Circular Letter 6-2002, dated 02 March
2002
III. APPLICABLE LAW
Pursuant to Sec 438 of the 2013 Amended Insurance Code, non-compliant
companies, officers or agents shall be subject to the disciplinary sanctions provided
under the said section.
The provisions of the Labor Code are applicable as the case may be.
The provisions of Republic Act No. 876 (Arbitration Law) shall apply suppletory.
Specifically, Section 24 thereof regarding grounds for vacating an award shall
likewise apply.
IV. CONTENTS
Term
The recruiting company of the sales producers is given a maximum period of
sixty (60) days before the start of the new contract to retain the employee so as
**
to allow the employer therein to have adequate time to take remedial steps to
avoid work or service interruption.
Definition of Terms
Conciliation
refers to the informal process where a neutral third party (Conciliator)
brokers an amicable settlement between the disputants
If dispute should arise, the parties shall attempt to reconcile through
Conciliation. If Conciliation fails, the parties shall enter into Mediation. If
Mediation fails, the parties shall enter into Arbitration.
Mediation
voluntary process in which a Mediator, who is selected by the disputant
parties, facilitates communication and negotiation, and assists the parties in
reaching a voluntary agreement regarding a dispute.
Arbitration
refers to a voluntary process in which one or more arbitrators, appointed in
facilitates communication and negotiation, and assists the parties in reaching
a voluntary agreement regarding a dispute accordance with these rules,
resolve a dispute by rendering an award
The request for Arbitration shall be submitted to Philippine Life Insurance
Association (PLIA), through the PLIA General Manager who shall act as the
Secretary of the proceedings. Within 15 days therefrom, the other party shall
file an Answer, copy furnished the other party.
The Arbitral Panel shall be composed of 3 arbitrators.
Conciliator shall be chosen from the roster of PLIA-Accredited Mediators and
Arbitrators.
Proceedings
Preliminary Conference
The issues to be resolved must be specified and clarified. The uncontested
facts must also be stipulated. The identification of the witnesses and the
extent of, and schedule for, presentation of material and relevant documents
as evidenced and other information shall be considered so as to expedite the
arbitration proceedings.
Hearing
Privacy of the hearing shall be maintained by having only persons with direct
interest to attend therein.
Full and equal opportunity to present material and relevant evidence shall be
afforded the parties to the dispute.
Decision based on the merits of the case
Remedy or relief that they may deem just and equitable including but not not
limited to specific performance may be granted the parties.
Fees, expenses and compensation in favor of any party may be assessed
and also awarded.
Conclusion of Proceedings
Arbitration proceedings are generally concluded with the transmittal of the
decision to all parties.
or awards
Duty to comply with the Best Practices on Documents and with the
Procedure for Delivery of Policies and other Documents
Duty of agents to not make and name themselves as trustees, assignees,
owners or beneficiaries of any of their client's policies
DUTY OF AGENTS TO THE COMPANY
Duty to use only the approved advertisement, marketing and sales materials
of the company
Duty to keep the client's information and data private
Duty to not commit breach of trust and misappropriate of premiums
Duty to cooperate and render full assistance in investigation, inspection and
audit
DUTY OF AGENCY LEADERS
Duty to recruit, select and appoint only those prospects that are qualified in
accordance with the Insurance Code and other pertinent laws.
Disciplinary Sanctions
Subject to the discretion of the Commissioner in accordance with the laws
herein, as provided under Section 438 of RA 10607, the following are the
sanctions: (a) Fines not less than Five thousand pesos (P5,000.00) and not
more than Two hundred thousand pesos (P200,000.00); and (b) Suspension, or
after due hearing, removal of directors and/or officers and/or agents.
Penalties (NOTE: Letter of Warning must first be given)
Suspension of Selling Privileges
Termination of agent's contract
Issuance of Release Order once a suspended agent is cleared
**
Circular Letter: 2013-37
Category: Insurance Commissioner
Date: 06 December 2013
CIRCULAR LETTER
TO: All Insurance Commission Officials and Employees, Companies and Individuals under the
Supervision of the Insurance Commission and all Others Concerned
SUBJECT: No Gifts Policy
I. INTRODUCTION
So as to uphold honesty and integrity in serving the public and to take affirmative
and effective measures against graft and corruption, the 'No Gifts Policy' is hereby
implemented to provide a more transparent and effective framework. It is aimed to
promote the ethical business practices and high standards of corporate
governance.
II. HISTORY
Supersedes to Circular No. 12-2012 or the Gifts Policy dated 01 June 2012
**
coming from Asian Development Bank (ADB), World Bank (WB), etc.
The acceptance of performance-based reward and similar benefits in
accordance with law
Procedures
The gifts which are considered inappropriate or impractical to return shall be
immediately handed over to the Deputy Commissioner for Management Support
Services. Then, the said gifts shall be subsequently forwarded to the Records
Section of the Administrative Division for proper recording or storage.
A Registry Book of Gifts shall be maintained in the Records Section to keep
track of the gifts not returned to the giver.
Sanctions
Penalty Clause provides that any violation of the policy will be subject to the
administrative sanctions provided under the Civil Service Law and Rules,
Revised Rules on Administrative Cases in the Civil Service, and other applicable
laws. Insofar practicable and deemed proper, all cases must first be resolved by
the Commission.