The Senate has ratified the final version of the Pre-Need Code which seeks to protect plan holders and ensure the viability of an industry that has been weakened by a recent spate of bankruptcies and failures.
The long-overdue legislation received the Senate’s approval despite the objection of Senator Mar Roxas who felt that it has insufficient safeguards against malpractices of pre-need firms similar to those committed by the now-closed Legacy Group.
Roxas, chairman of the committee on trade and industry, batted for the revision of the bicameral version of the Code to include a provision that would ban officers or directors of bankrupt or closed pre-need companies from engaging in the same business or working for another pre-need outfit.
The Code increases the minimum paid-up capital of pre-need firms to P100 million to provide a solid capital base and lessen the risk of instability in the future. It requires full disclosure of how they have invested the trust fund of plan holders in keeping with the transparency rule.
All pre-need companies are placed under the primary and exclusive supervision and regulation of the Insurance Commission.
The Insurance Commission may prescribe a higher minimum paid-up capital for industry players. The commission is empowered to enlist the aid and support of and/or deputize any and all enforcement agencies of government in the exercise of its functions.
“The pre-need sector is a vital part of the national economy and an anchor of hope for millions of Filipinos. But it needs to become stronger and more stable and realize its full growth potential. We need a regulatory framework that will provide an environment that will allow pre-need firms to thrive and guarantee full protection for the investing public,” Roxas said.
The provision Roxas wants inserted is worded as follows: “Any officer, director, shareholder, principal, of any pre-need firm that is presently in bankruptcy is hereby prohibited from engaging in the business.” –Fel V. Maragay, Manila Standard Today
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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