BSP Circular No. 604 (2008)
TELEMARKETING OF INSURANCE PRODUCTS (LIFE AND NON-LIFE)
(NAR) VOL. 19 NO. 1 / JANUARY - MARCH 2008
[ BSP CIRCULAR NO. 604, S. OF 2008, March 03, 2008 ]
TELEMARKETING OF INSURANCE PRODUCTS (LIFE AND NON-LIFE)
Pursuant to Monetary Board Resolution No. 160 dated 7 February 2008, the Manual of Regulations for Banks (MORB) is hereby amended as follows:
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