GSIS Resolution No. 58 (2013)

(NAR) VOL. 24 NO. 4 / OCTOBER - DECEMBER 2013

[ GSIS RESOLUTION NO. 58, June 13, 2013 ]

REFUND OF PREMIUMS PAID BY EDU-CHILD PLANHOLDERS

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;

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:

1. Cancellation shall be effective on the due date of the first unpaid monthly premium payment of an issued plan;

2. All payments made prior to the cancellation of the plan shall accrue in favor of GSIS; and 3. Planholders whose plans were cancelled and who will receive refund for premiums paid after cancellation shall be required to sign a quitclaim agreement.