Expedited Approval of Traditional Life Insurance

Submissions must include all documents as required by Circular Letter No. 11-90 dated July 10, 1990.
Must be accompanied by a transmittal letter addressed to the Insurance Commissioner.
Must include a duly accomplished Checklist and Evaluation Sheet; specimen forms are provided as Annexes A, A.1, B, B.1, C, and C.1.
Companies must ensure no checklist items are left unanswered unless not applicable, marked as "N.A." with explanation.

Must be executed by the president, head, or authorized senior officer of the insurance company.
Declaration that the submitted product complies with mandatory provisions of Sections 227 to 231 and subsequent circulars and guidelines.
Affirms usage of standard provisions and asset share calculation formats where applicable.
States full compliance with the Insurance Code and other relevant circulars from the Insurance Commission.
Confirms accuracy and completeness of the submitted Checklist and Evaluation Sheet.
Accepts responsibility for any willful misrepresentation or violation by the company or its representatives related to the product approval.

Applies to traditional life insurance products, including those with standard or non-standard policy provisions and asset share formats.
Excludes variable contracts defined under Title 10 of the Insurance Code.

Insurance Commission reserved the right to conduct post-approval audits on issued products.
Ensures ongoing compliance with the Insurance Code and relevant circulars and guidelines.

Approval may be recalled anytime upon finding of violations or misrepresentations.
The Insurance Commissioner may impose penalties under Section 415 and other administrative sanctions.
Allows corrective actions if deficiencies are remediable, protecting insured interests.
Does not restrict insured or beneficiaries from pursuing legal remedies for damages.

All submissions and supporting documents must be sent directly to the Actuarial Division of the Insurance Commission.
The Division acknowledges receipt and verifies completeness, checklist accuracy, and deed execution.
Approval letter is released once all requirements are satisfactorily met.

PLIA is deputized to disseminate this Circular and all attachments to its member companies.