GSIS RESOLUTION NO. 58, June 13, 2013
REFUND OF PREMIUMS PAID BY EDU-CHILD PLANHOLDERS
National Administrative Register June 13, 2013
WHEREAS, there are Edu-Child planholders whose plans were deemed
cancelled due to missed payments pursuant to Section XII of the
Edu-Child Plan Agreement, but who still paid premiums and have not fully
paid their entire plan obligations;
cancelled due to missed payments pursuant to Section XII of the
Edu-Child Plan Agreement, but who still paid premiums and have not fully
paid their entire plan obligations;
WHEREAS, it is fair for the GSIS to refund to Edu-child
planholders the premium payments received after the cancellation of
their plans;
RESOLVED, to APPROVE and CONFIRM the refund of
premiums paid by Edu-Child planholders after the cancellation of their
plans, without interest, subject to the following conditions, as
proposed by the Senior Vice President, Financial Management Group, in
her Memorandum dated 4 June 2013:
- Cancellation shall be effective on the due date of the first unpaid monthly premium payment of an issued plan;
- All payments made prior to the cancellation of the plan shall accrue in favor of GSIS; and
- Planholders whose plans were cancelled and who will receive
refund for premiums paid after cancellation shall be required to sign a
quitclaim agreement.