AMENDMENTS ON THE ONLINE AND REAL-TIME REGISTRATION AND AUTHENTICATION OF CERTIFICATES OF COVER FOR COMPULSORY THIRD PARTY LIABILITY INSURANCE
Committee to enhance and improve the existing system and processes and
to eradicate certain malpractices by insurance companies, eliminate
cut-throat competition, stamp out corruption, and improve government
revenue generation efficiency; Memorandum Circular RIB 2007-854 is
hereby amended with the following provisions:
1. Establishment of a real-time and online system to verify and
confirm tax payments of Certificates of Cover of Compulsory Third Party
Liability insurance coverage issued by insurance companies.2. Enter into an agreement that will be embodied in a memorandum of
understanding with the concerned government agencies to ensure proper
tax collection mechanisms.3. Strengthen coordination with the Insurance Commission to sanction erring and recalcitrant insurance companies.
4. Conduct value formation and retraining/retooling for insurance agents and underwriters.
5. Conduct orientation and trainings on the enhanced COCVF system to all concerned LTO officials and employees.
The Office of the National Administrative Register (ONAR), UP Law
Center shall be furnished copies of this Memorandum Order which will be effective after fifteen (15) days from the date of publication.
For strict compliance.
(SGD.) ARTURO C. LOMIBAO
Assistant Secretary