BSP CIRCULAR NO. 604, S. OF 2008, March 03, 2008
TELEMARKETING OF INSURANCE PRODUCTS (LIFE AND NON-LIFE)
SECTION 1. Subsection X169.11 Other banking services for subsidiaries, affiliates; and related companies of the MORB is hereby amended to read, as follows:
“A bank may be authorized, upon prior Monetary Board approval, to render the following services in favor of subsidiaries, affiliates and companies related to it by at least five (5%) common ownership:
xxx xxx;
v. Telemarketing of insurance products (life and non-life); xxx
xxx.”
SECTION 2. The foregoing amendment shall likewise apply to the corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation,
Adopted: 03 March 2008
FOR THE MONETARY BOARD:
(SGD.) DIWA C. GUINIGUNDO
Officer-in-Charge