PROVISIONAL AUTHORITY TO SELL OR SOLICIT INSURANCE BUSINESS PENDING ISSUANCE OF REGULAR LICENSE

The Insurance Commission hereby grants provisional authority to sell
or solicit insurance products subject to the following guidelines:

1. An applicant for Agent’s License for Life, Non-Life, Limited
Line Insurance and Variable Life who holds a valid Life license will
be allowed to sell or solicit insurance business for the line applied
for provided that the applicant has submitted a duly executed
application with complete requirements and has passed the corresponding
qualifying examination for agent. The applicant must not also be
included in the Negative List of agents submitted to the Insurance
Commission by any insurance company.

2. The applicant for a Variable Life License without a current
Life license or with a simultaneous application for Life license shall
be allowed to sell or solicit variable life insurance products pending
issuance of the Variable Life license provided the application for the
Variable Life license has been approved (minus the issuance of the
license itself) and payment of the corresponding license fee has been
made. If no action on the application has been made, the applicant shall
be allowed to sell or solicit variable life insurance products after 30
days from the date of submission of the application with complete
requirements, provided the applicant has passed the qualifying
examination for agents and is not included in the Negative List of
agents.

3. The provisional authority granted herein shall automatically cease in the event of:

a) denial of the application; or,
b) return to insurance company concerned of the application due to
insufficiency of requirements or incorrect/incomplete application; or,
c) non-payment of the corresponding application fee/s within ten
(10) working days from the date of approval of the application. The
insurance companies are required to check their approved and returned
applications regularly for proper compliance.

4. To maintain a database of submitted applications for records and
verification, all applications shall be accompanied by a soft copy of
the applicant’s information such as the name of the applicant, type of
license applied for, company represented and other data as may be
required by the Insurance Commission.

This Circular supersedes Circular Letter No. 11-99 and amends all other Circulars which are inconsistent herewith.

Adopted: 22 Jan. 2009

(SGD.) EDUARDO T. MALINIS
Insurance Commissioner