Amendments to the Manual of Regulations for Banks re allowing motor car insurance among the non-life insurance products which banks may market/cross-sell

CIRCULAR NO. 401 Series of 2003

Pursuant to Monetary Board Resolution No. 1112 dated 07 August 2003, allowing motor car insurance among the non-life insurance products which banks may market/cross-sell, Section 1631.a.(2)(b) of the Manual of Regulations for Banks as introduced by Circular No. 357 dated 08 November 2002, is hereby amended to read as follows:

“Sec. 1631 Financial Products of Allied Undertakings or Investment House Units of Banks.

x x x

a.  Financial products covered by this Section are the following:

x   x   x

Insurance products limited to:

x   x   x

b) Non-life insurance

Fire insurance

Marine cargo policies

Homeowners’ policies

Directors/officers liability insurance

Motor vehicle insurance

(3)  x   x   x

This Circular shall take effect after fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor