Republic of the Philippines

Department of Finance
INSURANCE COMMISSION (I
1071 United Nations Avenue
Ma n ila

Circular Letter (CL) No.: 2022-10

Date 2March2022
Supersedes: CL No. 2020-76

CIRCULAR LETTER

TO ALL LIFE INSURANCE COMPANIES, MUTUAL BENEFIT

ASSOCIATIONS, PRE.NEED COMPANIES, AND HEALTH
MAINTENANCE ORGANIZATIONS AUTHORIZED TO DO
BUSINESS IN THE PHILIPPINES

SUBJECT REVISED GUIDELINES ON ONLINE SUBMISSION OF

REQUESTS FOR APPROVAL OF PRODUCTS/FORMS OR ANY
OTHER RELATED REQUESTS

WHEREAS, on 30 June 2020, this Commission issued Circular Letter (CL) No,
2020-76 entitled "Online Submission of Requests for Approval of Products/Forms or
Any Other Related Requests" which lifted the suspension of filing of new requests for
approval of products/forms or any other related requests to this Commission's
Actuarial Division.

WHEREAS, Sections 3.'1.3 and 6 of CL No. 2020-76 required companies to

submit hard/physical copies of the duly approved contract forms to the lC Records
Section within ten (10) calendar days from the lifting of the Community Quarantine in
Metro Manila.

WHEREAS, this Commission, acknowledging the operational challenges of

processing hard/physical copies of contract forms during the pandemic, have made
efforts to digitalize rts processes in an efficient and secure manner.

WHEREAS, there is a need to amend CL No. 2020-76 to reflect the changes

in online submission process of requests for approval of products/forms to be
implemented by this Commission.

NOW, THEREFORE, pursuant granted to the lnsurance

to the power
Commissioner under Section 437 of the lnsurance Code, as amended by Republic Act
(RA) No. 10607, Section 6 of Republic Act No. 9829 otheruise known as the Pre-Need
Code of the Philippines, and Section 4 of Executive Order No. 192 (s.2015), the
following guidelines are hereby promulgated:

Head Office, PO. Box 3589 Manila I Trunk Line: +(632) 8523-8461 to 70 | Fax No: +(632) 8522-1434 | www.insurance.gov.ph
1. Online Submission

'l .'l . All requests for approval of products/forms and such other related requests
of life insurance companies, Mutual Benefit Associations (MBAs), pre-need
companies, and Health Maintenance Organizations (HMOs) shall be
submitted to this Commission through the Actuarial Division's Online Product
Submission Portal in accordance with the specific guidelines issued by this
Commission.

2. Documentary Requirements

2.1. Each submission to the Actuarial Division's Online Product Submission

Portal must be accompanied by the following:

Transmittal letter, duly signed by an authorized representative of the

2.1 .1 .
company
2.1.2. One (1) copy each of the documentary requirements as required under
pertinent circulars such as Circular Letter Nos. 2016-10, 2017-19 and
2019-72.

2.2. The documents which are required to be executed and submitted under oath
shall be submitted in notarized form. Scanned copies of such documents
shall be uploaded to the Actuarial Division's Online Product Submission
Portal.

2.3. The transmittal letter and all other documents to be submitted through the
Portal must contain the necessary signatures. Eleckonic images of wet or
physical signatures will suffice.

3. Transmittal Lefter
3.1 . This letter serves as the covering letter for the application and must contain
specified information about the request being filed.

3.2. The following information must appear in the transmittal letter:

5.2_ I lnformation identifying the company

3.2.2 Attention line to the Actuarial Division
.r4.7
Subject of the request
3.2.4 Name of the product including marketing name, if applicable
3.2.5 A brief description of the product, form or request being filed
3.2.6 A list of all attachments, if applicable
3.2.7 The name, email address and contact number of the responsible officer
of the company that the lnsurance Commission can contact regarding
the filing
3.2.8 Signature of the PresidenUChief Executive Officer or any authorized
senior officer of the company

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 3,2.9. Hash signaturel

3.3. ln addition to the requirements under 3.2 above, life insurance companies
submitting requests for approval in accordance with Circular Letter No. 2019-
72 must also comply with the requirements under Section 3 of the same
circular.

4. Payment of Filing Fee

4.1 . All applicable filing fees must be paid by the company within ten (10)
calendar days from the date of uploading in the Actuarial Division's Online
Product Submission Portal.

The responsible officer indicated in the company's Transmittal Letter shall

receive an electronic copy of the Order of Payment Form (OPF).

4.2. Payments can be made online through the ePayment System of this
Commission by selecting FILING FEE - PRODUCT APPROVAL as
transaction type, sub1ect to this Commission's existing guidelines on
electronic payment.

4.3. While online payments are encouraged, payments can still be made overthe
counter through this Commission's Cashier Section located at its UN Avenue
Head Office. During payment, the company representative must present to
the Cashier two (2) printed copies of the OPF.

4.4. After payment, a scanned copy of the Official Receipt and validated OPF or
payment confirmation, shall be submitted via email to
[email protected]. ph.

4.5. lf the necessary filling fees are not paid within the prescribed period without
valid reason, requests submitted through the Actuarial Division's Online
Product Submission Portal shall be shelved. Shelved requests may be refiled
by the company subject to the submission of documentary requirements
under pertinent circulars and payment of corresponding filing fee.

5. Review and Approval

5.1 . The submission shall be considered officially received once this

Commission's Actuarial Division releases an email verification,
acknowledging the receipt of the documents.

5.2. For requests submitted by life insurance companies in accordance with

Circular Letter No. 2019-72, the lC Actuarial Division will release an email
verification, acknowledging the receipt of the request, upon verification that
the required documents are complete, and the appropriate check sts are
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Hash signatures are fingerprints of the files. Every file has a unique hash. The value of the hash changes
significantly when the contents of the files are modified in any way.

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 duly accomplished. This Commission's approval letter shall be released
electronically within the number of working days prescribed under Circular
Letter No. 2019-72 from receipt of complete and compliant documents and
proof of paymentof filing fee. lf this Commission fails to release the approval
letter within the prescribed period, said request shail be deemed approved.
provided. that all required documents have been submitted and all required
fees and charges have been paid. A letter notifying the company that a
request is deemed approved shall be released by this Commission.

5.3. For requests submitted by MBAs, pre-need companies, HMOs and life
insurance companies under Sec. 6.3 of Circular Letter No. 2019-72, results
of this Commission's review and evaluation shall be released electronically.

6. Electronic lssuance of Letters and Duly Approved Forms

6.1. The following documents shall be released by this Commissron to the

company electronically,

6.1 .'1 .
Duly signed letter from this Commission
6.1.2. Duly approved contract forms, rf any, with the lnsurance Commission's
approval stamp
6.1 .3 A Certificate of Authenticity bearing the signer's digital fingerprint
ensuring the validity of the electronic signature and authenticity of the
signed documents

7. Separability Clause
7.1. lf any provision of this Circular shall be held unconstitutional or invalid, the
other provisions not otherwise affected shall remain in full force and effect.

8. Effectivity

8.1 . This Circular Letter shall take effect immediately

DENNIS B. FUNA
lnsurance Commissioner
rllu
ffid
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