Guidelines on Life Insurance Sales Illustrations

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IC CIRCULAR LETTER NO. 23-2005: Guidelines on Life Insurance Sales Illustrations

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Title Supreme Court: Guidelines on Life Insurance Sales Illustrations

Law: Ic Circular Letter No. 23-2005

Decision Date: Aug 3, 2005

Benjamin S. Santos, Insurance Commissioner, establishes standardized guidelines for sales illustrations of life insurance proposals to ensure consistency in projected values across traditional and variable life products, effective immediately.

insurance guidelines

sales illustrations

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Scope and Applicability

The guidelines apply to both traditional and variable life insurance products.
The purpose is to standardize the format for illustrating projected values in proposals made to potential policyholders.

Content and Format Requirements

Sales illustrations must use a standardized basis for interest rates.
Projected values in the sales proposals should be presented using this uniform format.
This ensures that prospective clients receive transparent and comparable information across different insurance providers.

Implementation and Effectivity

The guidelines were adopted on August 3, 2005.
They took effect immediately upon issuance.

Legal Authority and Reference

Issued under Insurance Commission Circular Letter No. 23-2005.
Authenticated by the Insurance Commissioner, Benjamin S. Santos.
The full text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.

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