SEC Memorandum Circular No. 3, s. 2002 – Application for Price Increase for Pre-Need Plans
SEC Memorandum Circular No. 3, s. 2002 prescribes the documentary requirements, filing fee, and approval procedure for applications for price increases filed by pre-need plan issuers.
SEC MEMORANDUM CIRCULARS
6/25/20261 min read
SEC Memorandum Circular No. 3, s. 2002
Application for Price Increase
Document Number: SEC Memorandum Circular No. 3, s. 2002
Date Issued: April 29, 2002
Issuing Agency: Securities and Exchange Commission
Signed by: Lilia R. Bautista, Chairperson
Effectivity: Immediate compliance
Overview
SEC Memorandum Circular No. 3, s. 2002 prescribes the requirements for pre-need plan issuers applying for a price increase. It requires the filing of a petition, an actuarial certification from an SEC-accredited actuary, a new price schedule, and a filing fee based on the increase in plan price and number of unsold plans. The circular also provides that complete applications shall be accepted and processed for approval within the day, with the resulting order to be published once in a newspaper of general circulation.
Full Text
SEC MEMORANDUM CIRCULAR NO. 3
Series of 2002
TO: All Pre-Need Plan Issuers
RE: Application for Price Increase
Application for price increase shall be filed with the following documents:
Petition;
Sworn Certification of a SEC accredited actuary following prescribed format:
a. That there are no changes in assumptions and plan benefits and with no trust fund violations; or
b. That there are changes in actuarial assumptions for which an actuarial study is submitted with the application and no trust fund violations;New Price Schedule;
Filing fee equivalent to 1/10 of 1% of the difference in the increase in price from previous price times the number of unsold plans.
If all requirements are complete, the same shall be accepted and an Order approving the new price shall be prepared within the day.
Such Order shall be published by the issuer once in a newspaper of general circulation.
For immediate compliance.
EDSA City of Mandaluyong, Metro Manila, Philippines
April 29, 2002
(Original Signed)
LILIA R. BAUTISTA
Chairperson
Source
Official Source: Securities and Exchange Commission
Official URL: https://appointment.sec.gov.ph/mc-2002/sec-memorandum-circular-no-3/
Citation:
Securities and Exchange Commission. SEC Memorandum Circular No. 3, s. 2002, "Application for Price Increase," April 29, 2002.