IC CIRCULAR LETTER NO. 6-2003

: The person must have a valid and current license issued by the Insurance Commission pursuant to Section 414 and Section 307 of the Insurance Code.
: The person must have been duly licensed as a life insurance agent and must have generated a production of at least Fifty Thousand Pesos (P50,000.00).
: The person must have satisfactorily completed a training program specifically on variable life insurance contracts.
: Passing the prescribed written examination is required unless the person is exempted under Item 4.7 of Insurance Memorandum Circular No. 2-81 dated 17 December 1981.
: Section 414 and Section 307 of the Insurance Code.
: No, no person shall sell, offer for sale, or perform any related acts without a valid and current license from the Insurance Commission.
: It establishes the qualifications and procedures for the authorization of agents to sell variable life insurance contracts and supersedes the previous Circular Letter dated 12 November 1985.
: Yes, the agent must have generated a minimum production of Fifty Thousand Pesos (P50,000.00).
: The individual will not be issued the license required to sell or offer variable life insurance contracts.