Law Summary
Flexibility in Submission of Proofs Due to Compliance Difficulties
- The amendment is prompted by difficulties applicants face complying with requirement No. 4 related to insurance coverage.
- Until further notice and pending discussions with the Insurance Commission, applicants may submit alternative proofs of financial capacity.
Permitted Alternative Proofs of Financial Capacity
- Applicants can submit one of the following as proof instead of the insurance coverage specifically required:
- Transfer Certificate of Title (TCT)
- Bank books
- Income Tax Returns (ITR)
- Sworn Statement of Assets and Liabilities
Temporary Nature and Immediate Effect
- This amendment is temporary and remains in effect until further notice is given.
- The memorandum circular takes effect immediately upon adoption.
Official Adoption and Signatories
- The amendment was adopted on March 6, 1990.
- The signatories include Remedios A. Salazar-Fernando (Chairman), Dante M. Lantin (Board Member), and Nicolas B. Acacio, Jr. (Assistant Secretary and Acting Board Member).