Legal Basis for Licensing Requirements
- The licensing requirement is pursuant to Section 414 of the Insurance Code, in connection with Section 307.
Qualifications for Licensure as Variable Life Insurance Agent
- The applicant must be duly licensed as a life insurance agent.
- The applicant must have generated a minimum production of Fifty Thousand Pesos (P50,000.00) in sales.
- Completion of a training program specifically on variable contracts is mandatory.
- Passing a prescribed written examination on variable life insurance contracts is required, except in cases exempted by Insurance Memorandum Circular No. 2-81, Item 4.7.
Examination Exemption
- There are provisions allowing exemption from the written examination under certain conditions as stated in Insurance Memorandum Circular No. 2-81, Item 4.7.
Regulatory Authority and Compliance
- The Insurance Commission is the sole authority that issues the license.
- The Commission requires satisfactory proof that the applicant meets all qualifications before issuing a license.
Supersession of Previous Regulations
- This Circular Letter supersedes the earlier Circular Letter dated 12 November 1985.
Effective Date and Authority
- The Circular Letter was adopted on 14 February 2003.
- It was signed by the Insurance Commissioner, Eduardo T. Malinis.