Legislative History
| House Bill/Resolution NO. House Bill No. 5180, 12th Congress of the Republic | |
| FULL TITLE : AN ACT ESTABLISHING THE PRE-NEED PLAN CODE OF THE PHILIPPINES | |
| ABSTRACT : This bill has the following salient features: (1) Grants the Insurance Commission, instead of the SEC, the authority to supervise and regulare the operation of pre-need plan companies; (2) Provides smooth transition of Regulatory Bodies from the SECto the Insurance Commission; (3) Crafts a law which shall strengthen the Regulator so that is may adjust the Rules Regulating the Industry in acordance with the ever-changing world and environment where pre-need operates in; and (4) Establishes a Planholder's Protection Fund to compensate planholders for the extraordinary losses or damage they may suffer due to business failure or insolvency of a pre-need plan company. | |
| PRINCIPAL AUTHOR/S : DUAVIT, MICHAEL JOHN "JACK" R. | |
| DATE FILED : 2002-08-28 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Espina (027 ) | 2. Syjuco (023 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: House Bill No. 5535, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2002-09-05 |
Abstract
"This bill has the following salient features: (1) Grants the Insurance Commission, instead of the SEC, the authority to supervise and regulare the operation of pre-need plan companies; (2) Provides smooth transition of Regulatory Bodies from the SECto the Insurance Commission; (3) Crafts a law which shall strengthen the Regulator so that is may adjust the Rules Regulating the Industry in acordance with the ever-changing world and environment where pre-need operates in; and (4) Establishes a Planholder's Protection Fund to compensate planholders for the extraordinary losses or damage they may suffer due to business failure or insolvency of a pre-need plan company."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.