Legal and Institutional Framework
- Based on the Joint Memorandum Circular issued by the Land Transportation Office (LTO) and the Insurance Commission (IC) dated 14 March 2002.
- Supported by a Memorandum of Agreement dated 01 July 2002 among LTO, IC, Insurance Surety Association of the Philippines, Inc. (ISAP), and D: Tech Management, Inc. (Dtech).
- Reinforces directives previously set forth in IC Circular Letter No. 22-2002 dated 4 July 2002.
Mandatory Authentication System
- All insurance companies, agents, and brokers must utilize the ISAP Certificate of Cover Authentication System (ISAP-COCAS) for issued COCs.
- ISAP-COCAS managed by SQL Wizard, Inc., performs authentication of all certificates to prevent forgery or issuance of fraudulent documents.
Verification Responsibility of Vehicle Owners
- Vehicle owners are enjoined to verify their COCs through Dtech's verification platform.
- This step empowers clients to confirm the legitimacy of their CTPL insurance coverage.
Compliance and Enforcement
- The Circular mandates strict compliance from all involved parties: insurance entities and vehicle owners.
- Non-compliance can undermine efforts to secure authentic CTPL insurance documentation.
Issuance Authority
- The Circular was promulgated and adopted on 4 May 2004 by the Officer-in-Charge, Eduardo T. Malinis, reflecting authoritative enforcement by the Insurance Commission.