IC CIRCULAR LETTER NO. 25-94

: The purpose of ICC Circular Letter No. 25-94 is to expedite the evaluation and approval of insurance products by providing specific guidelines and timelines for the Insurance Commission's actions.
: The Insurance Commission shall take action to approve the product within thirty (30) calendar days from the date of complete submission of requirements. If no communication is made within 30 days, the product is deemed approved.
: If additional requirements are needed, the company will be advised, the 30-day countdown stops, and the countdown restarts when the additional requirements are completely submitted.
: The approval process is similar to standard products but the countdown period is ninety (90) calendar days instead of thirty (30).
: Yes, approval can be recalled at any time if there is a finding of violation of the Insurance Code or the rules and regulations of the Insurance Commission.
: Sanctions may be imposed under Section 415 of the Insurance Code in addition to recalling the approval of the insurance product.
: All submissions and additional requirements must be forwarded directly to the Actuarial Division of the Insurance Commission.
: This Circular took effect on January 2, 1995.
: The circular was adopted by Adelita A. Vergel De Dios, Insurance Commissioner, on December 12, 1994.
: If there is no communication within the appropriate period, the insurance product shall be deemed approved.