BANCASSURANCE

Cross-selling - Presentation and/or sale of a financial product, other than bank’s own financial product)

BOARD APPROVAL BOARD APPROVAL FOR THE MICROINSURA

Letter request for approval of the Board of Directors containing the following; Board Approval for the following;
a. To enter into cross-selling of financial products and to use the USB’s bank premises for the presentation
and sale of the financial products;

b. Financial Product Providers to partner with.

c. Financial Products to Offer
d. Authorized Signatories on the part of the bank

SEC CERTIFICATION OF AMENDED ARTICLES

Board Approval to Amend the ROI
Revision of Articles of Incorporation. In
including a secondary purpose of actin
to the appropriate Bangko Sentral offic

Revision of By Laws

MICROINSURANCE TRAINING OF ASSOCIAT

LICENSE / IC APPROVAL AS MICROINSURAN

Board Approval to apply License as mi
(i) attendance in prescribed microinsur
course; and

(ii) amended bank’s articles of incorpo

BSP APPROVAL GRANT OF AUTHORITY BSP APPROVAL GRANT OF AUTHORITY

a. Application letter to BSP signed by the President containing the following a. Application letter to BSP signed by t
•Explanation of the financial conglomerate (if applicable)
•Brief description of the financial products
•Justification of the cross-selling arrangement
b. Notarized Secretary’s Certificate on the approval of the BOD of the cross-selling of financial products 1. Copy of the approval of the bank’s b
and pay claims) of microinsurance prod

2. Copy of duly executed written agree

and servicing by the bank of the financ

3. Copy of the letter of approval from t

marketed or sold by the bank;
4. Copy of the corresponding Certificat
issuing the microinsurance products to
5. Bank’s license from the Insurance Co
as a microinsurance agent of an autho
the lC. The requirements for such appl

c. Notarized Certificate signed by the bank’s President and Compliance officer on the bank’s compliance with 6. Certification from the bank presiden
pertinent banking laws, rules and regulations on cross-selling following:

7. A letter of undertaking from the ban

8. Such other information that may be
 MICROINSURANCE
113-B MARKETING, SALE AND SERVICING (i.e., collect premiums and pay claims) OF MICROINSURANCE
PRODUCTS BY THRIFT BANKS1.
BOARD APPROVAL FOR THE MICROINSURANCE ACTIVITY
Board Approval for the following;
a. To enter into cross-selling of financial products and to use the USB’s bank premises for the presentation and
sale of the financial products;

b. Financial Product Providers to partner with.

c. Financial Products to Offer
d. Authorized Signatories on the part of the bank

SEC CERTIFICATION OF AMENDED ARTICLES OF INCORPORATION

Board Approval to Amend the ROI
Revision of Articles of Incorporation. In view of the latter requirement, applicant banks shall amend their AOI by
including a secondary purpose of acting as a microinsurance agent, and shall submit simultaneously the amended AOI
to the appropriate Bangko Sentral office and the lC. (See lC Memo Circular No. 6-2011 dated 15 February 2011)

Revision of By Laws

MICROINSURANCE TRAINING OF ASSOCIATES

1.     certificate of authority from Insurance Commissioner
2.     Certification of training passed / conducted by the sales agents/ representatives
LICENSE / IC APPROVAL AS MICROINSURANCE AGENT OR BROKER
Board Approval to apply License as microinsurance Agent or Broker
(i) attendance in prescribed microinsurance training course and passing the qualifying examination at the end of the
course; and

(ii) amended bank’s articles of incorporation (AOl).

BSP APPROVAL GRANT OF AUTHORITY

a. Application letter to BSP signed by the President containing the following

•Explanation of the financial conglomerate (if applicable)
•Brief description of the financial products
•Justification of the cross-selling arrangement
1. Copy of the approval of the bank’s board of directors on the presentation, sale and servicing (i.e., collect premiums
and pay claims) of microinsurance products;

2. Copy of duly executed written agreement between the bank and the insurance provider on the presentation, sale
and servicing by the bank of the financial products of the latter, including the terms of compensation for the services;

3. Copy of the letter of approval from the Insurance Commission covering each of the microinsurance product to be
marketed or sold by the bank;
4. Copy of the corresponding Certificate of Authority from the Insurance Commission of the insurance provider/s
issuing the microinsurance products to be marketed or sold; and
5. Bank’s license from the Insurance Commission as a microinsurance agent or broker, as may be applicable1. 1 To act
as a microinsurance agent of an authorized insurance provider, a bank needs to acquire the appropriate license from
the lC. The requirements for such application consist of:

(i) attendance in prescribed microinsurance training course and passing the qualifying examination at the end
of the course; and
(ii) amending a bank’s articles of incorporation (AOl). In view of the latter requirement, applicant banks shall
amend their AOI by including a secondary purpose of acting as a microinsurance agent, and shall submit
simultaneously the amended AOI to the appropriate Bangko Sentral office and the lC. (See lC Memo Circular
No. 6-2011 dated 15 February 2011)

2 IC issued Circular Letter (CL) No. 2015-54 dated 16 October 2015 requiring the adoption and
implementation of the Enhanced Microinsurance Regulatory Framework

6. Certification from the bank president that he/she ascertained and will ensure continuing compliance with the
following:

a. The product is authorized for cross selling under existing Bangko Sentral rules and regulations;

b. The microinsurance product is approved by the Insurance Commission and issued by an entity duly licensed
and held in good standing by the Insurance Commission;
c. The bank conducted product due diligence to be suitable to its customers;
d. The organic, informational and promotional materials for the microinsurance products comply with Bangko
Sentral requirements; and
e. The bank personnel concerned has undertaken the necessary training and passed the qualifying examination
for the presentation and sale of microinsurance products, in compliance with the requirements set forth by the
Insurance Commission on marketing personnel for insurance products.

7. A letter of undertaking from the bank president that he/she will ensure the retention of the following:
a. Copies of the latest Certificate of Authority from the Insurance Commission covering all insurance companies
whose microinsurance products are being marketed or sold by the bank;

b. Copies of the letters of approval from the Insurance Commission covering all the microinsurance products to
be marketed or sold;
 c. Bank’s license from the Insurance Commission as a microinsurance agent or broker or in lieu of a bank’s
license as a microinsurance agent or broker, copies of the license from the Insurance Commission covering all
its marketing personnel for microinsurance products; and

8. Such other information that may be required by the Bangko Sentral.

(Circular No. 917 dated 08 July 2017, M-2015-041 dated 27 November 2015 and Circular No. 890 dated 02
November 2015)