Mandatory PLIA Membership for Life Insurers

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IC CIRCULAR LETTER NO. 24-2009: Mandatory PLIA Membership for Life Insurers

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Title Supreme Court: Mandatory PLIA Membership for Life Insurers

Law: Ic Circular Letter No. 24-2009

Decision Date: Sep 4, 2009

All life insurance companies authorized to operate must join the Philippine Life Insurance Association within 30 days to enhance industry cooperation and discipline, as mandated by Insurance Commissioner Eduardo T. Malinis.

mandatory membership

administrative law

A

Governance and Compliance

Membership in the PLIA shall be governed strictly by its internal rules and regulations.
Compliance with this membership directive is compulsory for all life insurance companies as per the Commission's enjoinment.

Application Procedures for Membership

Existing life insurance companies that have not yet joined the PLIA must apply for membership within 30 days from the issuance of this circular.
Newly established life insurance companies are required to apply for PLIA membership within 30 days from the date they are issued their Certificate of Authority by the Insurance Commission.

Equal Access to PLIA Services

The PLIA is mandated to provide and make available its services to all member companies without any form of discrimination.

Effective Date and Administrative Authority

This directive is effective immediately upon issuance.
The Insurance Commissioner, Eduardo T. Malinis, officially adopted and promulgated this circular on September 4, 2009.

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