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INSURANCE MANAGEMENT GROUP- Procedures

Organization and Guidelines

1.1 Chart of Organization

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1.2. Procedure for Loans

1.2.1. Upon receiving the Schedule of Loan Deduction Sheet (SLDS), Clerk I will:

a. Gather Data-Log Book (Name of Client, Birthdate, Age, Contact No. and Amount ofLoan[P+I])* Pensioners with loans P50,000.00 above and Real State Clients will be required with SPA

b. Assist Client in completing insurance form (depending which insurance to be used

[Pioneer/Insular])

c. After recording of data/filling up of form, Clerk will note on the upper right of the SLDS OK

FOR RELEAS E affixing Clerks signature.

* In the main office, the Clerk will affix I or P to notify the Teller which insurance is used.

(This is to identify how much will go to the dummy and to the sundry accounts.)

1.2.2 At the end of the loan credit transaction, get printed Schedule of the Total Releases for theday.

1.2.3. Prepare Summary of Insurance Remittances for the day and produce hard copies for thefollowing:

HEAD

-Supervise/Monitors-Claims in-charge

LCDP/BRANCH

-Loan Client Assistance

for insurance applications-ReceiveMMS/MBA/MBA GoldAnnual Reports

-Monitoring of depositorsto be insured-Submit reports to IMGMain Office

CLERK II

-ReceiveMMS/MBA/MBA GoldAnnual Reports

-Monitoring of depositorsto be insured-Checking of weeklyreports from

LCDPs/Branches.

CLERK I

-Loan Client Assistance forinsurance applications

-Checking of weeklyreports fromLCDPs/Branches.

INSURANCE

COMPANY/IES

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INSURANCE MANAGEMENT GROUP- Procedures

a. Cashier, for the issuance of check

b. Insurance Company concerned

c. For Filing

1.2.4. Soft copy of the Summary of Insurance Remittances will be emailed to the Insurance

Company concerned.

1.2.5. Duplicate copies of the Summary of Insurance Remittances, attached with a photocopy of

Schedule of Total Releases will be collected weekly from LCDP Placer, Tubod, Libjo Branch,Butuan Branch, LCDP Cabadbaran, LCDP Cagayan de Oro, LCDP Davao, LCDP Tacloban,

Rural Bank of Loreto and Frontier Bank.

1.2.6. Summary of Insurance Remittances will then be filed per LCDPs/branches.(LCDP/Branch Clerks should file copy of remittances)

1.3. Procedure for MMS/MBA/MBA Gold

1.3.1. Along with the MMS/MBA/MBA Gold Client Forms, Insurance Form will be attached forclient to fill up except for the date below the form.

1.3.2. After client completes the forms, the Savings Bookkeeper will file all the forms includingthe Insurance Form for safekeeping until the day of the clients anniversary and that client has

already reached the amount needed for his/her account.

1.3.3. When the client has reached his/her anniversary date, the Savings Bookkeeper then reportsto Clerk II the names of the depositors to be insured with their filled up forms.

1.3.4. Clerk II will fill up the date section of the insurance forms, updates listing of insured andprepare Summary of Remittances Report and produce hard copies to be given to the following:

a. Cashier, for the issuance of check

b Insurance Company concernedc. For Filing

1.3.5. Soft copy of the Summary of Insurance Remittances will be emailed to the Insurance

Company concerned.

1.3.6. Duplicate copies of the Summary of Insurance Remittances and the number of account

releases will be collected weekly/monthly from Butuan Branch, LCDP Cabadbaran, LCDPCagayan de Oro, LCDP Davao, LCDP Tacloban, Rural Bank of Loreto and Frontier Bank.

1.3.7. Summary of Insurance Remittances will then be filed per LCDPs/branches.(LCDP/Branch Clerks should file copy of remittances)

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INSURANCE MANAGEMENT GROUP- Procedures

*In segregating of forms:

White (Original)- Pioneer

Blue- Insurance Management Group (IMG), SRBC Main

Yellow- LCDP/Branch

1.4. Procedure for Claims

1.4.1. Account Officer/Claimant should inform the bank of clients death with the following

details:

a. Name of Client

b. Date of Deathc. Cause of Death

d. Name Claimant/Beneficiary

1.4.2. Clerk will document the above mentioned details in a log book and pull out the file of the

deceased client.

1.4.3. Give the Death Claim Requirements to be accomplished in 90 days.

1.4.4. Get the outstanding loan balance (Principal + Interest) or outstanding deposit balance(MMS/MBA) and report to IMG Head along with 1.4.1 details.

1.4.3. Clerk must prepare the following to be submitted to the insurance company concerned

after requirements have been completed:a. Death Claim Requirements

b. Repayment Schedule/Loan Ledger and Certificate of Outstanding Loan Balance/Deposit

Balance

* The following are the signatories for the Certificate of Outstanding Loan Balance/Deposit Balance:

i. Prepared by Account Officer/ Savings Bookkeeper

ii. Checked by Insurance Clerk

iii. Certified Correct by Loans Officer/LCDP Head/Branch Manager/IMG Head

c. Photocopy all requirements before submitting to insurance company concerned and place in

brown long envelope for documentation purposes.

1.5. IMG Head

The IMG Head will be responsible of the following:

a. direct contact with the insurance company/ies serving the bankb. coordinates with HRD in regards to personnel insurance

c. in-charge of claims or follow-ups

* All claim checks will be addressed to IMG SRBC Main. IMG Head will log the check claim

received and sends check to Loan Officer/MFD Head/LCDP/Branch concerned.d. attends and conducts trainings and orientations concerning insurance activities

e. coordinates with Accounting in monitoring the insurance account (dummy) and gives monthly

report to Chief Operating Officer.