ic circular letter 2015_20

8/20/2019 IC Circular Letter 2015_20

1/24

TO

SUBJECT

Republic

of the Philippines

Department

of

Finance

INSURAI\CE COMMISSION

I

071

United

Nations Avenue

CIRCULAR

LETTER

All

lnsurance

Companies, Entities

and

Rules

lmplementing

Title

g,

Chapter

lnsurance

Code

on Bancassurance

Persons

Concerned

lV of the Amended

Pursuant

to the

provisions

of Sections 375 to 377,

Title

g,

Chapter lV

(Bancassurance)

of

Republic

Act

No.

10607,

otherwise known as

the

Amended

lnsurance Code, and in

addition

to the rules and

regulations

contained

in the

"Guidelines

on

Vaiable

Life

lnsurance Contracts"

previously

issued

by

the

lnsurance Commission

in

July

2002,

and

any of

its amendments,

the following directives and

requirements

shall

be

observed,

implemented

and

complied

with

by

insurance

companies

in

the

conduct of

Manila

Circular

Letter

(CL)

No.:

2a15-2C

Date:

27

AprU

zt'I,

Supersedes:

None


2/24

d)

e)

Market

Conduct Guidelines

(MCG).-

The rules adopted

and

implemented

by

the

lnsurance

Commission

through Circular

Letter No.

2013-33

dated

04

November

2013

which

governs

the

performance

of

the

functions

of agents and

the

agency

leaders

in

the

selling of

life insurance

products.

Managers.-

Such

persons

or

entities

authorized

by the

insurance

company or

as approved

by the

lnsurance Commission, as the case

may be,

to

manage the

separate

Fund relating to the

investment

portion

of

VUL

policies.

Variable

Life

or Variable Unit-Linked

(VUL)

lnsurance

Contractor

Policy.-

Any insurance

policy

or

contract

on either

a

group

or

on an

individual basis

issued

by an insurance company

providing

for benefits or

other

contractual

payments

or values there

under

to

vary so as to

reflect investment

results of

any segregated

portfolio

of investments or of a designated

separate

account

in

which

amounts received in connection

with

such

contracts

shall

have been

placed

and accounted

for

separately and

apart

from other investments

and

accounts. This contract may also

provide benefits

or values

incidental thereto

payable

in fixed

or

variable

amounts,

or

both.

lt shall

not

be deemed to be a

security

or

securities as defined

in The Securities Act, as amended,

or

in

the

lnvestment

Company Act, as

amended,

nor subject to

regulations

under said

Acts.

Section 2.

AUTHORITY TO EI{GAGE

hl

BANCASSUEANCE


3/24

d)

employees.

Being merely

incidental

to their duties

as

bank

employees,

such

bank

employees

taking

part

in bancassurance

shall no longer

be required

to

obtain

an

insurance

agents'

license. Provided, however,

the

Commissioner

may, should he

deem

it

proper,

require bank employees

to obtain

a license

to

acl as insurance agent

from the lnsurance Commission

and issue appropriate

guidelines

therefor.

Acts Allowed

for

Bank

Employees.-

These

trained and

qualified

bank

employees may

perform

the following

activities:

i. Assessing

their banking

client's

financial needs against

the banking or

other

financial

products

that

said client

already has;

ii.

Based on such initial

assessment,

presenling

preliminarily

insurance

and oiher financial

products

that

are

available from

the

insurance

company that

may better

meet the customer's

financial needs

without

.

making any

final

recommendations;

iii.

Presenting

preliminaily general

or

generic

descriptions

of

the

products

of the

insurance

company;

iv.

Presenting

preliminaily

a

history, background

or

profile

of

the

insurance

company;


4/24

who sell

insurance

products

and bank employees.

Bank

employees authorized

to

market

and/or

sell

insurance

products

shall

be clearly

identified.

g)

Distinct

Areas.-

The

presentation

and/or sale of insurance

products

shall

be

conducted

in

an area

distinct from areas

where own-bank

products

are

sold.

Section 3. BANCASSURANCE ARRANGEMENTS

OR

AGREEMENTS

t

a) Submission

and

Approval of Bancaisurance

Agreements.-

Pursuant to

Sections

3751

and

3772

of

the

Amended

lnsurance

Code,

Bancassurance

Arrangements

or

Agreements

entered into by and behveen

the insurance

company

and the

bank shall

be submitted

to

the lnsurance

Commission for

its

approval.

The contracting

parties

shall

be authorized

to

conduct

Bancassurance activities

only

upon the

review

and approval

by the lnsurance

Commission of the

Bancassurance

Arrangements or

Agreements.

Any and all amendment of

the

Bancassurance

Arrangements or

Agreements

shall

likewise

be

submitted for the

prior

approval

of the lnsurance

Commission.

b)

Mandatory

provisions

of Bancassurance Agreements.- The

Bancassurance Arrangements

or

Agreements shall contain,

among

others, the

following

provisions:

i) That

the insurance company

must

comply

with

all requirements of

the


5/24

provisions

shall

not be divulged to other

persons

other

than

the concerned

officers

of the

lnsurance Commission.

d) Approval by Board of

Directors.-

The

conduct

of cross-selling

activities and

the negotiation and subsequent

execution of

the

corresponding

Bancassurance

Arrangement or

Agreement shall

have

been

approved or ratified by

the

Board

of

Directors

of

the

concerned

insurance

company.

e)

Grievance Mechanism.-

To further

protect

the interests

of

the insuring

public,

both the

bank

and the insurance

company shall

provide

in the

Bancassurance

Arrangement

or

Agreement written

mechanisms

that

are specifically designed

to address any

and

all

complaints

that

may arise from

the

conduct

of

Bancassurance

or cross-selling activities.

The role of insurance companies

and bank

personnel

in

addressing all

queries

and resolving

problems,

claims

and other concerns

of

the

insuring

public

should

likewise be

clearly

provided

therein.

f)

Jurisdiction

of lnsurance Commission.

Pursuant to

Section

437

,438

and

439

of the

Amended lnsurance Code,

the

lnsurance Commission

shall

exercise

jurisdiction

over

claims and

complaints involving any

loss, damage or

liability

for

which an insurance company may be answerable

under any kind of

policy

or contract of

insurance subject of bancassurance activity.

Section

4.

ADVERTISING

AND

THE_CONDUCT

OF BANCASSURANCE

ACT VITIES


6/24

bank clients, and may

pretiminarily

present

and discuss

productfeatures

of insurance

products

with

bank clients

when

trained

and

qualified

by

the

insurance

company

to do so

pursuant

to

Section

2

of

this

Circular

Letter.

iv) Any and all

insurance

products

offered

or cross-sold

in bank

premises

by

duly

licensed

persons

shall always

bear the

prior

approval

of the

lnsurance

Commissioner.

v)

The

insurance

company

must

reasonably

ensure that their authorized

representatives

should

properly

inform

and

make

appropriate

disclosures

to the bank

clients that the

products

being offered

for

sale

to

the

public

are

not

bank

products

and

are neither

guaranteed

by the bank

nor insured with

the

Philippine Deposit lnsurance Corporation

(PDIC).

vi)

ln

the

presentation

of

the insurance

products,

the

authorized

representatives of

the

concerned

insurance

company

must consider the

bank

client's financial objectives, financial condition

and

protection

needs.

The

personal

and financial

inlerests of

the

insurance

company

representative

must always be

secondary

to that of

the

client's

interests.

vii) lnsofar

as

pertinent

and relevant

to

the

conduct

of Bancassurance

activities,

the

provisions

of

the

2013

Market

Conduct

Guidelines

issued

by

the lnsurance

Commission

shall

be observed by the

authorized representatives

of life insurance

companies

and, only

as far


7/24

remain

valid

and

binding upon the

parties

thereto,

unless clearly

in

conflict

with

this

Circular,

and

other rules

'and

regulalions

issued

by

the

lnsurance

Commission

at

the

Bangko Sentral ng Pilipinas.

Section

5. ENHANCED

CONSUMER PROTECTION

REQUIREMENTS

FOR

VULs

ln

addition

to

such

applicable

provisions

contained

in the

"Guidelines

on Variable

Life

lnsurance Contracts" and

the

MCG

previously

issued by

the lnsurance

Commission,

all

insurance companies

and

its

concerned

representatives

conducting

Bancassurance activities

involving

VUL

policies

shall

likewise

be

required

to

observe the

following

minimum

practices:

a) Product Highlight Sheet.-

All

potential

clients

shall be

provided

with a Product

Highlight

Sheet

(PHS)

that summarizes

the key

information

of

the Variable

Life

lnsurance

product

which

will

be material to the

proper

understanding by the

client

of

the product,

its

features

and

the

risks

the client

is

exposed

to.

The PHS

should at least

be

a separate

document but shall be deemed to

form

part

of the

product

proposal

and the

policy

contract.

Among

the kef

questions

that must

be covered

in

the PHS are:

i) What

are

you

investing

in

and

who are

you

investing

with?

ii)

What are the

key risks

of this

investment?


8/24

d)

description of the funds together

with

the

client's

signature.

The

fund

allocation

indicated in

the IPS

may be different

from

the

risk

profile

of

the client as shown

in

the

CSA/CPQ/RPQ as long

as

the

client's

signature

is

affixed.

ln

the

event

that

the

insurance company

conducting

Bancassurance

activities

has readily

available

pro

forma IPS

to

be

filled-up by

prospective

VUL

policyholders,

the

same

must

be

with

the

prior

approval

of

the

lnsurance

Commission.

Disclosure of

Conflict

of lnterest.-

The insurance company

shall disclose

any material information

which

may

give

rise

to an actual or potential conflict

of

interest

to

the

client. The

insurance company should

take

all

reasonable steps

to

ensure

fair

dealings with client.

Below is

a

sample of a Disclosure of Conflict

of

lnterest

statement

thai may be

adopted

by

the

insurance

company:

"The Manager

makes

investment

decisions

for

the

Funds

based

on

the

circumsfances

of

each

Fund

and

independently

of

decisions

made for

other

funds.

There

are

times when the

Manager

may

take

the same investments for a

Fund

and one or

more

other

funds. This

may create

a conflict

of

interest

if

there

is only

a

limited amount

of

the

investment

available, or

if

the

investmenf

is

purchased

at

different

times

or at

different

pices

for different

funds. lf this

happens,

the

Manager

will aftempt to allocate the

investment fairly


9/24

product

MUST

be

thoroughly explained

to

you

by a

licensed

representative of

(name

of insurance

com

. Make sure

you

fully

understand

this

product

before you

purchase

or

invest

in

it.

Should

you

need

furlher

information,

please

contact

the

lnsurancei

Commission

or

(name

of

insurance co

numbed."

This Disclosure

Statement

shall be

placed

in

the

front

cover

of any material

used within

bank

premises

for

tlre

purposes

of cross-selling

VUL

policies.

The

text should

be

in bold

print

with

a minimum font

size of

12. The

insurance

company

may

prescribe

an

alternate wording

to the

above disclosure statement

as long as it is consistent

with the above-quoted

statements, and subject to the

review

and approval

of

the

lnsurance

Commission.

Section 6. PROCEDURES lN HANDLING CLAIMS

AND COMPLAINTS

a) Complaint

Resolution

Mechanism.-

The insurance

company

shall solely,

or

.

as

may

be

applicable,

jointly

with

the

concerned bank

be

responsible

in

the

resolution

of any

complaint arising

from

Bancassurance

transactions.

An

effective

consumer

protection

framework, which shall specifically

include,

among

others,

processes

and

procedures

for

handling

any complaint arising

from

cross-selling

transactions,

including

after-sale

claims, shall be established

by every insurance company

engaged

in

Bancassurance

activities

and

transactions.


10/24

ii)

The names

of

the bank

personnel

and

the authorized

representatives of

the

insurance

company

who

are engaged

in the

presentation

and selling

of

insurance products

therein

;

iii) The list of all complaints and claims filed at the concerned

bank and

its

branches

relative

to the

conduct

of

the

Bancassurance

activities

contemplated herein;

iv) The names of the

complainants

and the nature of their claims;

v) The actions

taken

by

the concerned

insurance

company,

shall also be

stated in the said list.

Copies

of the

sample Summary Reports

of

Bancassurance

Arrangements

or

Agreements and

the Claims and Complaints are

provided

herein

as

ANNEXES

C and

C-l,

respectively.

c)

Other Regulaiory Requirements.-

The insurance company shall submit other

regulatory requirements that

the

lnsurance

Commission may require to

be

submitted

pursuant

to subsequent administrative issuances.

Section

8. MISCELLANEOUS PROVISIONS

Nothing

in this Circular Letter

shall be construed as

to

amend

or

repeal

the

provisions

relative

to

the

grant

of

authority to

the

rural,

cooperative or

thrift

banks

to market,

sell

and service Microinsurance

products

as

previously

provided

under

BSP Circular

No. 683 dated 23

February

2010.


11/24

lC Bancassurance

Sample

Form

No. 1

PRODUCT

HIGHLIGHTS

ANNI:X

A

-.Sample

Product

Highlight

Sheet

TIT.TTIIE OT PNODUGT

ANd

thE

INSURANCE

COMPANY

PROVIDER


12/24

product,thepolicyholdermustunderstandand

realize

that

the

product

is subject

to certain

risks,

such

as,

but

not limited

to

investment,

credit,

currencyr

interest

rate,

liquidity,

mark-to-market,

regulatory,

and

taxation risks

which could

affect

the

account

or fund value of

the

whole

VUL

policy.

The

insurance

iompany

is

guided

by the

investment

policies

approved

by

the

lC,

inclqding

the

lC-issueO

"OuiOetines

on

Variable

Life

lnsurance

Contracts".

The

supervis-ion

and regulation

by

the

lC,

however,

does not

guarantee

the

investment

returns

nor

protection

of

the

VUL

policy

against

capital

loss.

For a

better

understanding

of

the

nature of

these aforementioned

risks, a table'of

Definition

of

Risks

is

provided

in

the succeeding

Annex

B-1'

SIFEES

AND

cHARGES

INvoLVED

lN

rHE

PRoDUcI

This

VUL

product is subject to

You may

refer

to the details

of the

charges on

Page/s

PrrLposal

Documents.

of

the

Product


13/24

The

VUL

policy

may

also

terminate

in

the

event

that

the

available

Fund

values

are

no

longer

sufficienf

to

cover

for the

applicable

policy

charges.

Depending

on

the

provisi6ns contained

in the VUL

policy,

the

policyholder

may

reinstate

the

same

wltt',in

g

years,

provided

that

the

poticy's

fund

value

has

not

been

fully

withdrawn,

the

reinstatement

documents

have

been

submitted,

and

the

necessary

charges

are

fully

paid,.including such

other

requirements

as

may

be

provided

in

the insurance

policy'

NOTE:

Surrendering

the

poticy

may

be

more

disadvantageous

than beneficial

to

the

policyholderl

as

tie

policyhotder

not

only

incur

surrender

bharges

but

Iose pot-.niial inyestment'earnings

and,

more

impoftantly,

the

benefits

of

having

life

insurance

protection.

ffiATtoN

AND

coNTAa,

oElAlLS


14/24

i'''t

DEFINITION

OF

RISKS

lnvestment

Risk

ThElEk

refers

to the

probability

or

likelihood

of

occurrence

of

lbsses

relative to

the expected

return

on any

particular investment.

Credit Risk

fnis

risf

refers to

the

probabili$

that

a

counterparty

to

an

investment

may

not

be able

to

fulfill

its'obligations

accordingly,

resulting

to

an

adverse

effect on the value

of a

money market or

debt security

such as

a boncl.

Currency

Risk

(or

Foreign

Exchange

Risk)

ffrislisfEters

to the

probability

that the

value

of

investments

held

in

foreign currencies,

such

as

the

US

Dollar, may

fluctuate

against

the local

currency

or

Philippine

Peso due

to

changing

interest

rates

and

inflation

rates.

This

risk

may also

occur

when

foreign

cash


15/24

l._

Rogulatory

Risk

This

risk

refers

to the

probability

that

certain laws and

regulations

applicable

to investments,

including

income

tax

and

securities

law,

and

the administrative

policies

and

practices

of

regulatory

authorities

may.

change

in

a

manner

that

adversely

affects

the

value

of

an investment.

Taxatiorr

Risk This

risk refers

to

the

probability

that the application

of

tax on

investment

may

differ

from

lurisdiction

to

jurisdiction

and

tax

treatment

may

change

before the maturity

or

redemption

date

of

an

investment. For

more

infoimation

on the effects

of tax

on

the

acquisition, ownership

or

liquidation

of

investment

funds,

it is best

for

the

customer.to

consult a

personal,

independent tax adviser.


16/24

lC Bancassurance

Sample

Form No. 2

,{NNEX B

-

Sample Client Profile

Questionnaire

,

CLIENT

PROFILE

QUESTIONNAIRE

What

kind

of

investor

are

you?

Answer

this

questionnaire

to find out.

This

questionnaire

helps

you

determine

your peisonal

investment

style.

I

t

s

ives

*'

.,I','li:,.:tJ,',T,,'iXTHiliII

TiJ'i[?;

sta

s

es or

I

ire'

There

are no right

or

wrong

answers.

The

,Iuesiionnaire

is

designed

to help us recommend

an asset

allocation strategy

based

on

your

stated needs.

It is intended

to be

a

general

recommendation

only and

should not be

treated

as specific investment

advice.


17/24

(:r'en

era

I

I

nformation

flame

ol'proposed

Client (Last,

First, Middle)

Contact

Number/s

E-mail address:

lvlailing

Address

(No.

Street,

Town/City,

province,

Country, Zip Code)

Approxirnate

Net

Worth

ri

)UnderlMillion

(

)P1-10

Million

(

)

over

1

Million

Approxirnate Annual lncome

J

)

Under

P500,000.

(

)

P500,000.00

to

t

fUlttion

(

)

Over

1

to

3 Million,,

or.r3

Million

@

)Retirement

(

)

Education

(

t

BuvinqAHor.lse

Otheis,

please

specify

_DvestmentObjective

(

)

lncome

)

lncome

& Growth

FliskTolerance

(

)

Hign

@

HiSh

()

Averase

(

)

Litfle

(

)

None

Itt

what

age

would

at

this age?

you

like

to retire?

How

much

do

you think

you

will need to retire

l'low

much

have

you

set aside

today

lor

your

retirernent

fund?

F

lease

check

all

that

applv

I currently

have

I

used to

.

have


18/24

Your Profile

To

complete

this

questionnaire,

please choose the

statement

that

most closely defines your

needs or

best

describes.your situation. Check the

circle in the left

hand margin that

corresponds

to

your

choice.

IMPORTANT: lf some of

your

choices

bear.

an asterisk*

please

note

that

a VUL

policy

may

ncrt

be an appropriate

investment

for

you.as

they

are designed

for

long-term

investing.

Section

'l

-

Financial

Goals

1. What

is

your prlmary goal

in making

this

investment?

(O)

(

)

| am saving

to

buy

a

car,

make

a

downpayment

on

a

house,

or to achieve some

other

goals

within

the

next 7

years.*

(2)

(

)

I am

investing

for the

long-ierm

(more

than

7

years)

but

I need

this investment

to generate cash flow to supplement

my

income

(6)

(

)

I

want

an

investment that will

generate

both

income

and

long term

capital

growth

without

specific emphasis on either

(8) (

)

| am looking

primarily

for

long term

growth.

Although I

have

no need

for

income

from this investment

now or over

the

next

10

years,

I

might appreciate

that a small

portion

be

invested in

fixed-income

sbcurities

for stability.


19/24

(2)

(4)

(6)

il

I]

(2)

(4)

I

am

retired

ln less

than

7

years

ln

7 to

10

years

(8)

t

I

ln

11 to

20

years

(10)

t

I

More

than 20

years

5.

-

How

old are

you?

t I

Over65

t 1

5'1

to65

(8)

(10)

(8)

(10)

36

to 50

20

to 35

6.

-

which

of the

following

statements

best describes

your

employment

situation?

My

employment

situation

is somewhat

unstable.

I

am either

a homemaker,

retired

or

unemployed and

I will rely

on this

investment

for

current

income

and emergency

cash needs.

My employment

situation

is

currenily

stable but

this could change

I

am

either

a

homemaker,

retired

or

unemployed and

I have

other sources

of

income that

are

sufficient to meet

my

normal

requirements.

My

employment

situation is

stable

and I

don't

expect

this to change

in

the near

future

My

employment

situation

is

completely

secure,

(2)

(2)

(4)

(5)

7.

-

Which

of the following

statements best

describes

your

financial

situation?

please

consider

your

regular

expenses

and

your

ability

to repay outstanding

loans as

well

as

a

saving

for retirement

and

emergencies.


20/24

(5)

[

]

Most of

my investment

were

made to

generate

income

and

preserve

capital

but

I now

need some

capital

groMh.

(6)

[

]

Most of

my investment

tend

to

be

mutual

funds or common trust

funds,

although

they are

generally

not

aggressive

fund.

(8)

[

]

Most of

my investment

tend to

be moderately

aggressive.

My objectives

are

long term,

therefore

I don't often

make changes

unless

my reason

for

investing

have change.

(10)

t

I

I

tend to

choose aggressive investment.funds

for long

term

growth.

(

)

Please

add

your

score for

this section

Section 3

-

Risk

Toterance

9.

-

Which

of the following

statements

best

describes

your

attitude

towards

the level of

risk

or volatility

that

you

are

prepared

to live

with

during

the

time these

assets

will be invested?

(2)

t

I

I am aware

that the

value

of an

investment

fund

fluctuates

daily

and

to

varying

degrees depending

on the

type

of

fund.

I

would feel

most

comfortable investing

in

funds

that tend to

generate

a

more

stable retum

year-to-year,

as

opposed

to

funds

that

fluctuate

widely.

(5)

t

]

I

am comfortable

with

the fact

that

the value

of my investment

will

fluctuate

daily.

However,

I would

prefer

that roughly

half of

my assets

be invested

in less volatile

fixed

income

securities

and that

the balance

be invested

in equities,

which tend

to be more

volatile.

(8)

t

]

I am

comfortable

with

volatility

and seek

more aggressive

investments

knowing


21/24

(4)

I

I

I understand

that

the

opportunity

for

greater

returns

comes

witn

tafing

greater

.

,

.

rist


22/24

l.

Scoring

between

85

and

120

points

indicates

that

you

are seeking long{erm

capital

appreciation

with

little or no requirement

from

additional

income. You

can

tolerate

greater

year-to-year

volatility,

as well as

some moderate

to strong fluctuations in the

capital value

of

your

investment.

You

realize

that oveitime,

equity

markets

usually outperform

otherinvestments.

By

signing

below,

I

acknowledge

that

(1)

this

questionnaire

does not

constitute abvice

from

the company,

as it

only

intended

as reference

to

help me

assess my

risk

appetite

and

investment

objectives

based

on the information

I

have

provided;

(2)

I

am

responsible for

my

investment

decision,

including

my

choice of fund,

event if

such

varies

with

the results

of

this

questionnaire

(3)

my financial

needs

may

change

over time

depending on

my

personal

situation

and ob.lectives;

and

(4)

he

Company makes

no

guarantee

as

to the

accuracy orcompleteness

of the

results

or recommendations

provided

above.

Signature

of

the Proposed

Clients

Date

(Day/MonthA/ear)

To

be

accomplished

by

your

Agent

Name ofAgent

Agent

Code

Signature

of Agent

Date(day/month/year)


23/24

lC

Bancassuranee

Sample

Form No.3

ANNEX

C

-

Sample

Summary Report

of

Bancassurance

Arrangements

or

reements

entered into with

Banks

NAME

OF INSURANCE

COMPANY

SUMMARY

REPORT OF BANCASSURANCE

AGREEMENTS

NAME

OF

BANK

and

DATE

OF

EXECUTION

OF

AGREEMENT

OFFICES

AND

BRANCHES

ADDRESS

NAMES OF BANK

PERSONNEL

AUTHORIZED BY IC

AUTHORIZED

REPRESENTATIVE

OF


24/24

lC Bancassurance Samole

Form

No.

3

-A

ANNEX

C-1

-

Sample Summary

Report of

Claims

or

Complaints Filed

at

Banks

CERTIFIED

TRUE

AND

GORRECT:

NAME OF INSURANCE

COMPANY

FOR THE YEAR

NAME

OF

BANK

BRANCH

and

ADDRESS

NAMES

OF

CLAIMANTS

oT

COMPLAINANTS

DATE

OF

RECEIPT

OF

THE

COMPLAINT

BY THE

BANK

BRIEF

DESCRIPTION

OF THE

NATURE OF

CLAIMS or

COMPLAINTS

RELEVANT

POLlCY

NUMBER/S

ACTION/S

TAKEN

ON

THE

CLAIM oTCOMPLAINT

1)

ABC

Bank

-

UN

Branch

UN

Avenue,

Manila

1)

Pedro

Dela

Cruz lnsufficient disclosure

of

product

features by the

authorized

representative of

the

insurance

company

lnvestigation conducted

by

the

insurance

company

2)

XYZ

Bank-

Quezon

Ave. Branch

No.123

Quezon

Ave.,

Quezon

City

1) Pete

Dela

Cruz Copy

of

Policy not

yet

provided

Signed

Policy

sent to

address

of Mr.

Pete Dela

Cruz

on

[Name

and

Signature

of the lnsurance Company

Officer]