Question & AnswerQ&A (IC CIRCULAR LETTER NO. 13-97)
The revised fire tariff applies to all policies with inception dates on or after January 1, 1998.
The revised fire tariff was approved by the Insurance Commission.
Penalties include a fine of ₱500.00 per day per policy with a stern warning for the first offense; suspension from writing fire insurance for 15 days for the second offense; and revocation of the license to write fire insurance for the third offense.
A fine of ₱500.00 a day for each policy and a stern warning.
The violator shall be suspended from writing fire insurance for a period of fifteen (15) days.
The license to write fire insurance will be revoked.
All concerned parties, presumably fire insurance companies and agents, are required to comply strictly with the revised rates, rules, and regulations.
It applies to all fire insurance policies with inception dates from January 1, 1998 onwards.
Under the authority of the Insurance Commissioner as per the Insurance Commission Circular Letter No. 13-97.
It is the date when the circular letter, including the revised fire tariff and penalties, was adopted and signed by the Insurance Commissioner Eduardo T. Malinis.