Question & AnswerQ&A (LTFRB MEMORANDUM CIRCULAR NO. 2001-005)
The purpose is to provide a list of blacklisted insurance companies whose policies or certificates of cover shall not be accepted as proof of compliance with Memorandum Circular 99-011, except as otherwise ordered by the Board.
It prohibits acceptance of policies or certificates of cover from blacklisted insurance companies as proof of compliance with Memorandum Circular 99-011 by the Land Transportation Franchising and Regulatory Board (LTFRB).
The Memorandum Circular took effect immediately upon issuance on February 19, 2001.
All prior issuances, policies, and circulars inconsistent with this Memorandum Circular are revoked and rendered without any force or effect.
The Circular is signed by Dante M. Lantin (Chairman), Vigor D. Mendoza II (Board Member), and Remedios G. Belleza (Board Member).
The insurance companies were blacklisted based on a letter from the Clerk of Court of the Regional Trial Court of Quezon City dated February 8, 2001, which is made an integral part of the Circular.
Blacklisted insurance companies’ policies or certificates of cover are not accepted for compliance verification, effectively barring these companies from participating in LTFRB-regulated transactions requiring insurance proof.
Memorandum Circular 99-011 is a prior LTFRB regulation that requires certain proof of compliance from insurance companies, which the blacklisted companies are now barred from providing valid documentation for.
The letter provides the official list of blacklisted insurance companies, serving as authoritative judicial input for the LTFRB's issuance of the Circular.
Yes, the Circular allows for acceptance if otherwise ordered by the Board, implying discretionary exceptions may be granted.