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8/20/2019 IC Circular Letter 2015_20
1/24
TO
SUBJECT
Republic
of the Philippines
Department
of
Finance
INSURAI\CE COMMISSION
I
071
United
Nations Avenue
CIRCULAR
LETTER
All
lnsurance
Companies, Entities
and
Rules
lmplementing
Title
g,
Chapter
lnsurance
Code
on Bancassurance
Persons
Concerned
lV of the Amended
Pursuant
to the
provisions
of Sections 375 to 377,
Title
g,
Chapter lV
(Bancassurance)
of
Republic
Act
No.
10607,
otherwise known as
the
Amended
lnsurance Code, and in
addition
to the rules and
regulations
contained
in the
"Guidelines
on
Vaiable
Life
lnsurance Contracts"
previously
issued
by
the
lnsurance Commission
in
July
2002,
and
any of
its amendments,
the following directives and
requirements
shall
be
observed,
implemented
and
complied
with
by
insurance
companies
in
the
conduct of
Manila
Circular
Letter
(CL)
No.:
2a15-2C
Date:
27
AprU
zt'I,
Supersedes:
None
8/20/2019 IC Circular Letter 2015_20
2/24
d)
e)
Market
Conduct Guidelines
(MCG).-
The rules adopted
and
implemented
by
the
lnsurance
Commission
through Circular
Letter No.
2013-33
dated
04
November
2013
which
governs
the
performance
of
the
functions
of agents and
the
agency
leaders
in
the
selling of
life insurance
products.
Managers.-
Such
persons
or
entities
authorized
by the
insurance
company or
as approved
by the
lnsurance Commission, as the case
may be,
to
manage the
separate
Fund relating to the
investment
portion
of
VUL
policies.
Variable
Life
or Variable Unit-Linked
(VUL)
lnsurance
Contractor
Policy.-
Any insurance
policy
or
contract
on either
a
group
or
on an
individual basis
issued
by an insurance company
providing
for benefits or
other
contractual
payments
or values there
under
to
vary so as to
reflect investment
results of
any segregated
portfolio
of investments or of a designated
separate
account
in
which
amounts received in connection
with
such
contracts
shall
have been
placed
and accounted
for
separately and
apart
from other investments
and
accounts. This contract may also
provide benefits
or values
incidental thereto
payable
in fixed
or
variable
amounts,
or
both.
lt shall
not
be deemed to be a
security
or
securities as defined
in The Securities Act, as amended,
or
in
the
lnvestment
Company Act, as
amended,
nor subject to
regulations
under said
Acts.
Section 2.
AUTHORITY TO EI{GAGE
hl
BANCASSUEANCE
8/20/2019 IC Circular Letter 2015_20
3/24
d)
employees.
Being merely
incidental
to their duties
as
bank
employees,
such
bank
employees
taking
part
in bancassurance
shall no longer
be required
to
obtain
an
insurance
agents'
license. Provided, however,
the
Commissioner
may, should he
deem
it
proper,
require bank employees
to obtain
a license
to
acl as insurance agent
from the lnsurance Commission
and issue appropriate
guidelines
therefor.
Acts Allowed
for
Bank
Employees.-
These
trained and
qualified
bank
employees may
perform
the following
activities:
i. Assessing
their banking
client's
financial needs against
the banking or
other
financial
products
that
said client
already has;
ii.
Based on such initial
assessment,
presenling
preliminarily
insurance
and oiher financial
products
that
are
available from
the
insurance
company that
may better
meet the customer's
financial needs
without
.
making any
final
recommendations;
iii.
Presenting
preliminaily general
or
generic
descriptions
of
the
products
of the
insurance
company;
iv.
Presenting
preliminaily
a
history, background
or
profile
of
the
insurance
company;
8/20/2019 IC Circular Letter 2015_20
4/24
who sell
insurance
products
and bank employees.
Bank
employees authorized
to
market
and/or
sell
insurance
products
shall
be clearly
identified.
g)
Distinct
Areas.-
The
presentation
and/or sale of insurance
products
shall
be
conducted
in
an area
distinct from areas
where own-bank
products
are
sold.
Section 3. BANCASSURANCE ARRANGEMENTS
OR
AGREEMENTS
t
a) Submission
and
Approval of Bancaisurance
Agreements.-
Pursuant to
Sections
3751
and
3772
of
the
Amended
lnsurance
Code,
Bancassurance
Arrangements
or
Agreements
entered into by and behveen
the insurance
company
and the
bank shall
be submitted
to
the lnsurance
Commission for
its
approval.
The contracting
parties
shall
be authorized
to
conduct
Bancassurance activities
only
upon the
review
and approval
by the lnsurance
Commission of the
Bancassurance
Arrangements or
Agreements.
Any and all amendment of
the
Bancassurance
Arrangements or
Agreements
shall
likewise
be
submitted for the
prior
approval
of the lnsurance
Commission.
b)
Mandatory
provisions
of Bancassurance Agreements.- The
Bancassurance Arrangements
or
Agreements shall contain,
among
others, the
following
provisions:
i) That
the insurance company
must
comply
with
all requirements of
the
8/20/2019 IC Circular Letter 2015_20
5/24
provisions
shall
not be divulged to other
persons
other
than
the concerned
officers
of the
lnsurance Commission.
d) Approval by Board of
Directors.-
The
conduct
of cross-selling
activities and
the negotiation and subsequent
execution of
the
corresponding
Bancassurance
Arrangement or
Agreement shall
have
been
approved or ratified by
the
Board
of
Directors
of
the
concerned
insurance
company.
e)
Grievance Mechanism.-
To further
protect
the interests
of
the insuring
public,
both the
bank
and the insurance
company shall
provide
in the
Bancassurance
Arrangement
or
Agreement written
mechanisms
that
are specifically designed
to address any
and
all
complaints
that
may arise from
the
conduct
of
Bancassurance
or cross-selling activities.
The role of insurance companies
and bank
personnel
in
addressing all
queries
and resolving
problems,
claims
and other concerns
of
the
insuring
public
should
likewise be
clearly
provided
therein.
f)
Jurisdiction
of lnsurance Commission.
Pursuant to
Section
437
,438
and
439
of the
Amended lnsurance Code,
the
lnsurance Commission
shall
exercise
jurisdiction
over
claims and
complaints involving any
loss, damage or
liability
for
which an insurance company may be answerable
under any kind of
policy
or contract of
insurance subject of bancassurance activity.
Section
4.
ADVERTISING
AND
THE_CONDUCT
OF BANCASSURANCE
ACT VITIES
8/20/2019 IC Circular Letter 2015_20
6/24
bank clients, and may
pretiminarily
present
and discuss
productfeatures
of insurance
products
with
bank clients
when
trained
and
qualified
by
the
insurance
company
to do so
pursuant
to
Section
2
of
this
Circular
Letter.
iv) Any and all
insurance
products
offered
or cross-sold
in bank
premises
by
duly
licensed
persons
shall always
bear the
prior
approval
of the
lnsurance
Commissioner.
v)
The
insurance
company
must
reasonably
ensure that their authorized
representatives
should
properly
inform
and
make
appropriate
disclosures
to the bank
clients that the
products
being offered
for
sale
to
the
public
are
not
bank
products
and
are neither
guaranteed
by the bank
nor insured with
the
Philippine Deposit lnsurance Corporation
(PDIC).
vi)
ln
the
presentation
of
the insurance
products,
the
authorized
representatives of
the
concerned
insurance
company
must consider the
bank
client's financial objectives, financial condition
and
protection
needs.
The
personal
and financial
inlerests of
the
insurance
company
representative
must always be
secondary
to that of
the
client's
interests.
vii) lnsofar
as
pertinent
and relevant
to
the
conduct
of Bancassurance
activities,
the
provisions
of
the
2013
Market
Conduct
Guidelines
issued
by
the lnsurance
Commission
shall
be observed by the
authorized representatives
of life insurance
companies
and, only
as far
8/20/2019 IC Circular Letter 2015_20
7/24
remain
valid
and
binding upon the
parties
thereto,
unless clearly
in
conflict
with
this
Circular,
and
other rules
'and
regulalions
issued
by
the
lnsurance
Commission
at
the
Bangko Sentral ng Pilipinas.
Section
5. ENHANCED
CONSUMER PROTECTION
REQUIREMENTS
FOR
VULs
ln
addition
to
such
applicable
provisions
contained
in the
"Guidelines
on Variable
Life
lnsurance Contracts" and
the
MCG
previously
issued by
the lnsurance
Commission,
all
insurance companies
and
its
concerned
representatives
conducting
Bancassurance activities
involving
VUL
policies
shall
likewise
be
required
to
observe the
following
minimum
practices:
a) Product Highlight Sheet.-
All
potential
clients
shall be
provided
with a Product
Highlight
Sheet
(PHS)
that summarizes
the key
information
of
the Variable
Life
lnsurance
product
which
will
be material to the
proper
understanding by the
client
of
the product,
its
features
and
the
risks
the client
is
exposed
to.
The PHS
should at least
be
a separate
document but shall be deemed to
form
part
of the
product
proposal
and the
policy
contract.
Among
the kef
questions
that must
be covered
in
the PHS are:
i) What
are
you
investing
in
and
who are
you
investing
with?
ii)
What are the
key risks
of this
investment?
8/20/2019 IC Circular Letter 2015_20
8/24
d)
description of the funds together
with
the
client's
signature.
The
fund
allocation
indicated in
the IPS
may be different
from
the
risk
profile
of
the client as shown
in
the
CSA/CPQ/RPQ as long
as
the
client's
signature
is
affixed.
ln
the
event
that
the
insurance company
conducting
Bancassurance
activities
has readily
available
pro
forma IPS
to
be
filled-up by
prospective
VUL
policyholders,
the
same
must
be
with
the
prior
approval
of
the
lnsurance
Commission.
Disclosure of
Conflict
of lnterest.-
The insurance company
shall disclose
any material information
which
may
give
rise
to an actual or potential conflict
of
interest
to
the
client. The
insurance company should
take
all
reasonable steps
to
ensure
fair
dealings with client.
Below is
a
sample of a Disclosure of Conflict
of
lnterest
statement
thai may be
adopted
by
the
insurance
company:
"The Manager
makes
investment
decisions
for
the
Funds
based
on
the
circumsfances
of
each
Fund
and
independently
of
decisions
made for
other
funds.
There
are
times when the
Manager
may
take
the same investments for a
Fund
and one or
more
other
funds. This
may create
a conflict
of
interest
if
there
is only
a
limited amount
of
the
investment
available, or
if
the
investmenf
is
purchased
at
different
times
or at
different
pices
for different
funds. lf this
happens,
the
Manager
will aftempt to allocate the
investment fairly
8/20/2019 IC Circular Letter 2015_20
9/24
product
MUST
be
thoroughly explained
to
you
by a
licensed
representative of
(name
of insurance
com
. Make sure
you
fully
understand
this
product
before you
purchase
or
invest
in
it.
Should
you
need
furlher
information,
please
contact
the
lnsurancei
Commission
or
(name
of
insurance co
numbed."
This Disclosure
Statement
shall be
placed
in
the
front
cover
of any material
used within
bank
premises
for
tlre
purposes
of cross-selling
VUL
policies.
The
text should
be
in bold
with
a minimum font
size of
12. The
insurance
company
may
prescribe
an
alternate wording
to the
above disclosure statement
as long as it is consistent
with the above-quoted
statements, and subject to the
review
and approval
of
the
lnsurance
Commission.
Section 6. PROCEDURES lN HANDLING CLAIMS
AND COMPLAINTS
a) Complaint
Resolution
Mechanism.-
The insurance
company
shall solely,
or
.
as
may
be
applicable,
jointly
with
the
concerned bank
be
responsible
in
the
resolution
of any
complaint arising
from
Bancassurance
transactions.
An
effective
consumer
protection
framework, which shall specifically
include,
among
others,
processes
and
procedures
for
handling
any complaint arising
from
cross-selling
transactions,
including
after-sale
claims, shall be established
by every insurance company
engaged
in
Bancassurance
activities
and
transactions.
8/20/2019 IC Circular Letter 2015_20
10/24
ii)
The names
of
the bank
personnel
and
the authorized
representatives of
the
insurance
company
who
are engaged
in the
presentation
and selling
of
insurance products
therein
;
iii) The list of all complaints and claims filed at the concerned
bank and
its
branches
relative
to the
conduct
of
the
Bancassurance
activities
contemplated herein;
iv) The names of the
complainants
and the nature of their claims;
v) The actions
taken
by
the concerned
insurance
company,
shall also be
stated in the said list.
Copies
of the
sample Summary Reports
of
Bancassurance
Arrangements
or
Agreements and
the Claims and Complaints are
provided
herein
as
ANNEXES
C and
C-l,
respectively.
c)
Other Regulaiory Requirements.-
The insurance company shall submit other
regulatory requirements that
the
lnsurance
Commission may require to
be
submitted
pursuant
to subsequent administrative issuances.
Section
8. MISCELLANEOUS PROVISIONS
Nothing
in this Circular Letter
shall be construed as
to
amend
or
repeal
the
provisions
relative
to
the
grant
of
authority to
the
rural,
cooperative or
thrift
banks
to market,
sell
and service Microinsurance
products
as
previously
provided
under
BSP Circular
No. 683 dated 23
February
2010.
8/20/2019 IC Circular Letter 2015_20
11/24
lC Bancassurance
Sample
Form
No. 1
PRODUCT
HIGHLIGHTS
ANNI:X
A
-.Sample
Product
Highlight
Sheet
TIT.TTIIE OT PNODUGT
ANd
thE
INSURANCE
COMPANY
PROVIDER
8/20/2019 IC Circular Letter 2015_20
12/24
product,thepolicyholdermustunderstandand
realize
that
the
product
is subject
to certain
risks,
such
as,
but
not limited
to
investment,
credit,
currencyr
interest
rate,
liquidity,
mark-to-market,
regulatory,
and
taxation risks
which could
affect
the
account
or fund value of
the
whole
VUL
policy.
The
insurance
iompany
is
guided
by the
investment
policies
approved
by
the
lC,
inclqding
the
lC-issueO
"OuiOetines
on
Variable
Life
lnsurance
Contracts".
The
supervis-ion
and regulation
by
the
lC,
however,
does not
guarantee
the
investment
returns
nor
protection
of
the
VUL
policy
against
capital
loss.
For a
better
understanding
of
the
nature of
these aforementioned
risks, a table'of
Definition
of
Risks
is
provided
in
the succeeding
Annex
B-1'
SIFEES
AND
cHARGES
INvoLVED
lN
rHE
PRoDUcI
This
VUL
product is subject to
You may
refer
to the details
of the
charges on
Page/s
PrrLposal
Documents.
of
the
Product
8/20/2019 IC Circular Letter 2015_20
13/24
The
VUL
policy
may
also
terminate
in
the
event
that
the
available
Fund
values
are
no
longer
sufficienf
to
cover
for the
applicable
policy
charges.
Depending
on
the
provisi6ns contained
in the VUL
policy,
the
policyholder
may
reinstate
the
same
wltt',in
g
years,
provided
that
the
poticy's
fund
value
has
not
been
fully
withdrawn,
the
reinstatement
documents
have
been
submitted,
and
the
necessary
charges
are
fully
paid,.including such
other
requirements
as
may
be
provided
in
the insurance
policy'
NOTE:
Surrendering
the
poticy
may
be
more
disadvantageous
than beneficial
to
the
policyholderl
as
tie
policyhotder
not
only
incur
surrender
bharges
but
Iose pot-.niial inyestment'earnings
and,
more
impoftantly,
the
benefits
of
having
life
insurance
protection.
ffiATtoN
AND
coNTAa,
oElAlLS
8/20/2019 IC Circular Letter 2015_20
14/24
i'''t
DEFINITION
OF
RISKS
lnvestment
Risk
ThElEk
refers
to the
probability
or
likelihood
of
occurrence
of
lbsses
relative to
the expected
return
on any
particular investment.
Credit Risk
fnis
risf
refers to
the
probabili$
that
a
counterparty
to
an
investment
may
not
be able
to
fulfill
its'obligations
accordingly,
resulting
to
an
adverse
effect on the value
of a
money market or
debt security
such as
a boncl.
Currency
Risk
(or
Foreign
Exchange
Risk)
ffrislisfEters
to the
probability
that the
value
of
investments
held
in
foreign currencies,
such
as
the
US
Dollar, may
fluctuate
against
the local
currency
or
Philippine
Peso due
to
changing
interest
rates
and
inflation
rates.
This
risk
may also
occur
when
foreign
cash
8/20/2019 IC Circular Letter 2015_20
15/24
l._
Rogulatory
Risk
This
risk
refers
to the
probability
that
certain laws and
regulations
applicable
to investments,
including
income
tax
and
securities
law,
and
the administrative
policies
and
practices
of
regulatory
authorities
may.
change
in
a
manner
that
adversely
affects
the
value
of
an investment.
Taxatiorr
Risk This
risk refers
to
the
probability
that the application
of
tax on
investment
may
differ
from
lurisdiction
to
jurisdiction
and
tax
treatment
may
change
before the maturity
or
redemption
date
of
an
investment. For
more
infoimation
on the effects
of tax
on
the
acquisition, ownership
or
liquidation
of
investment
funds,
it is best
for
the
customer.to
consult a
personal,
independent tax adviser.
8/20/2019 IC Circular Letter 2015_20
16/24
lC Bancassurance
Sample
Form No. 2
,{NNEX B
-
Sample Client Profile
Questionnaire
,
CLIENT
PROFILE
QUESTIONNAIRE
What
kind
of
investor
are
you?
Answer
this
questionnaire
to find out.
This
questionnaire
helps
you
determine
your peisonal
investment
style.
I
t
s
ives
*'
.,I','li:,.:tJ,',T,,'iXTHiliII
TiJ'i[?;
sta
s
es or
I
ire'
There
are no right
or
wrong
answers.
The
,Iuesiionnaire
is
designed
to help us recommend
an asset
allocation strategy
based
on
your
stated needs.
It is intended
to be
a
general
recommendation
only and
should not be
treated
as specific investment
advice.
8/20/2019 IC Circular Letter 2015_20
17/24
(:r'en
era
I
I
nformation
flame
ol'proposed
Client (Last,
First, Middle)
Contact
Number/s
E-mail address:
lvlailing
Address
(No.
Street,
Town/City,
province,
Country, Zip Code)
Approxirnate
Net
Worth
ri
)UnderlMillion
(
)P1-10
Million
(
)
over
1
Million
Approxirnate Annual lncome
J
)
Under
P500,000.
(
)
P500,000.00
to
t
fUlttion
(
)
Over
1
to
3 Million,,
or.r3
Million
@
)Retirement
(
)
Education
(
t
BuvinqAHor.lse
Otheis,
please
specify
_DvestmentObjective
(
)
lncome
)
lncome
& Growth
FliskTolerance
(
)
Hign
@
HiSh
()
Averase
(
)
Litfle
(
)
None
Itt
what
age
would
at
this age?
you
like
to retire?
How
much
do
you think
you
will need to retire
l'low
much
have
you
set aside
today
lor
your
retirernent
fund?
F
lease
check
all
that
applv
I currently
have
I
used to
.
have
8/20/2019 IC Circular Letter 2015_20
18/24
Your Profile
To
complete
this
questionnaire,
please choose the
statement
that
most closely defines your
needs or
best
describes.your situation. Check the
circle in the left
hand margin that
corresponds
to
your
choice.
IMPORTANT: lf some of
your
choices
bear.
an asterisk*
please
note
that
a VUL
policy
may
ncrt
be an appropriate
investment
for
you.as
they
are designed
for
long-term
investing.
Section
'l
-
Financial
Goals
1. What
is
your prlmary goal
in making
this
investment?
(O)
(
)
| am saving
to
buy
a
car,
make
a
downpayment
on
a
house,
or to achieve some
other
goals
within
the
next 7
years.*
(2)
(
)
I am
investing
for the
long-ierm
(more
than
7
years)
but
I need
this investment
to generate cash flow to supplement
my
income
(6)
(
)
I
want
an
investment that will
generate
both
income
and
long term
capital
growth
without
specific emphasis on either
(8) (
)
| am looking
primarily
for
long term
growth.
Although I
have
no need
for
income
from this investment
now or over
the
next
10
years,
I
might appreciate
that a small
portion
be
invested in
fixed-income
sbcurities
for stability.
8/20/2019 IC Circular Letter 2015_20
19/24
(2)
(4)
(6)
il
I]
(2)
(4)
I
am
retired
ln less
than
7
years
ln
7 to
10
years
(8)
t
I
ln
11 to
20
years
(10)
t
I
More
than 20
years
5.
-
How
old are
you?
t I
Over65
t 1
5'1
to65
(8)
(10)
(8)
(10)
36
to 50
20
to 35
6.
-
which
of the
following
statements
best describes
your
employment
situation?
My
employment
situation
is somewhat
unstable.
I
am either
a homemaker,
retired
or
unemployed and
I will rely
on this
investment
for
current
income
and emergency
cash needs.
My employment
situation
is
currenily
stable but
this could change
I
am
either
a
homemaker,
retired
or
unemployed and
I have
other sources
of
income that
are
sufficient to meet
my
normal
requirements.
My
employment
situation is
stable
and I
don't
expect
this to change
in
the near
future
My
employment
situation
is
completely
secure,
(2)
(2)
(4)
(5)
7.
-
Which
of the following
statements best
describes
your
financial
situation?
please
consider
your
regular
expenses
and
your
ability
to repay outstanding
loans as
well
as
a
saving
for retirement
and
emergencies.
8/20/2019 IC Circular Letter 2015_20
20/24
(5)
[
]
Most of
my investment
were
made to
generate
income
and
preserve
capital
but
I now
need some
capital
groMh.
(6)
[
]
Most of
my investment
tend
to
be
mutual
funds or common trust
funds,
although
they are
generally
not
aggressive
fund.
(8)
[
]
Most of
my investment
tend to
be moderately
aggressive.
My objectives
are
long term,
therefore
I don't often
make changes
unless
my reason
for
investing
have change.
(10)
t
I
I
tend to
choose aggressive investment.funds
for long
term
growth.
(
)
Please
add
your
score for
this section
Section 3
-
Risk
Toterance
9.
-
Which
of the following
statements
best
describes
your
attitude
towards
the level of
risk
or volatility
that
you
are
prepared
to live
with
during
the
time these
assets
will be invested?
(2)
t
I
I am aware
that the
value
of an
investment
fund
fluctuates
daily
and
to
varying
degrees depending
on the
type
of
fund.
I
would feel
most
comfortable investing
in
funds
that tend to
generate
a
more
stable retum
year-to-year,
as
opposed
to
funds
that
fluctuate
widely.
(5)
t
]
I
am comfortable
with
the fact
that
the value
of my investment
will
fluctuate
daily.
However,
I would
prefer
that roughly
half of
my assets
be invested
in less volatile
fixed
income
securities
and that
the balance
be invested
in equities,
which tend
to be more
volatile.
(8)
t
]
I am
comfortable
with
volatility
and seek
more aggressive
investments
knowing
8/20/2019 IC Circular Letter 2015_20
21/24
(4)
I
I
I understand
that
the
opportunity
for
greater
returns
comes
witn
tafing
greater
.
,
.
rist
8/20/2019 IC Circular Letter 2015_20
22/24
l.
Scoring
between
85
and
120
points
indicates
that
you
are seeking long{erm
capital
appreciation
with
little or no requirement
from
additional
income. You
can
tolerate
greater
year-to-year
volatility,
as well as
some moderate
to strong fluctuations in the
capital value
of
your
investment.
You
realize
that oveitime,
equity
markets
usually outperform
otherinvestments.
By
signing
below,
I
acknowledge
that
(1)
this
questionnaire
does not
constitute abvice
from
the company,
as it
only
intended
as reference
to
help me
assess my
risk
appetite
and
investment
objectives
based
on the information
I
have
provided;
(2)
I
am
responsible for
my
investment
decision,
including
my
choice of fund,
event if
such
varies
with
the results
of
this
questionnaire
(3)
my financial
needs
may
change
over time
depending on
my
personal
situation
and ob.lectives;
and
(4)
he
Company makes
no
guarantee
as
to the
accuracy orcompleteness
of the
results
or recommendations
provided
above.
Signature
of
the Proposed
Clients
Date
(Day/MonthA/ear)
To
be
accomplished
by
your
Agent
Name ofAgent
Agent
Code
Signature
of Agent
Date(day/month/year)
8/20/2019 IC Circular Letter 2015_20
23/24
lC
Bancassuranee
Sample
Form No.3
ANNEX
C
-
Sample
Summary Report
of
Bancassurance
Arrangements
or
reements
entered into with
Banks
NAME
OF INSURANCE
COMPANY
SUMMARY
REPORT OF BANCASSURANCE
AGREEMENTS
NAME
OF
BANK
and
DATE
OF
EXECUTION
OF
AGREEMENT
OFFICES
AND
BRANCHES
ADDRESS
NAMES OF BANK
PERSONNEL
AUTHORIZED BY IC
AUTHORIZED
REPRESENTATIVE
OF
8/20/2019 IC Circular Letter 2015_20
24/24
lC Bancassurance Samole
Form
No.
3
-A
ANNEX
C-1
-
Sample Summary
Report of
Claims
or
Complaints Filed
at
Banks
CERTIFIED
TRUE
AND
GORRECT:
NAME OF INSURANCE
COMPANY
FOR THE YEAR
NAME
OF
BANK
BRANCH
and
ADDRESS
NAMES
OF
CLAIMANTS
oT
COMPLAINANTS
DATE
OF
RECEIPT
OF
THE
COMPLAINT
BY THE
BANK
BRIEF
DESCRIPTION
OF THE
NATURE OF
CLAIMS or
COMPLAINTS
RELEVANT
POLlCY
NUMBER/S
ACTION/S
TAKEN
ON
THE
CLAIM oTCOMPLAINT
1)
ABC
Bank
-
UN
Branch
UN
Avenue,
Manila
1)
Pedro
Dela
Cruz lnsufficient disclosure
of
product
features by the
authorized
representative of
the
insurance
company
lnvestigation conducted
by
the
insurance
company
2)
XYZ
Bank-
Quezon
Ave. Branch
No.123
Quezon
Ave.,
Quezon
City
1) Pete
Dela
Cruz Copy
of
Policy not
yet
provided
Signed
Policy
sent to
address
of Mr.
Pete Dela
Cruz
on
[Name
and
Signature
of the lnsurance Company
Officer]