Question & AnswerQ&A (GSIS Resolution NO. 206)
The amount approved for distribution as Annual Cash Dividends for 2008 is P950 Million.
All active members including members of the Judiciary and Constitutional Offices whose life insurance coverages have been in force for at least one year as of December 31, 2007 and are still active as of the declaration date.
Yes, active members issued with LEP or with new or converted ELP are entitled to cash dividends provided their policies have been in force for at least one year as of December 31, 2007.
Yes, these members are entitled to cash dividends based on their LEP.
Active members who defaulted on their consoloan and salary loans for at least twelve months and/or have unpaid premiums for at least twelve months as of the declaration date; Members with lapsed policies in 2007 up to the APL run as of the declaration date; and those with terminated policies due to retirement, maturity, or separation in 2007 as of the declaration date.
The outlay will be charged against the surplus of the Social Insurance Fund.
The dividends shall be paid through the GSIS E-Card.
The Information Technology Services Group (ITSG), in coordination with the Operations Sector and the Treasury Office.
The ITSG shall undertake phasing of payments, generate listings of non-entitled policies (lapsed, terminated, or with defaults), and generate listings of all policies with automatic premium loans indicating the corresponding loan amounts.
For Justices' life insurance, the Hunteras Mortality Table at 4% is used, and for other members, the 1958 CSO table at 4% is used depending on the date of issue of the policy.
Annex 1 contains formulas for computing the cash dividends distribution and is an integral part of the resolution.
The Executive Vice President (Corporate Support Sector) or the Vice President (Public Relations and Communications Office) was directed to conduct information dissemination.