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
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