RMC No. 03-2002: Circularizes Memorandum Circular No. 5-2001 of the Government Service Insurance System which amends Section 11.8.2, Rule Xl of the implementing rules and regulations of R.A. 8291, otherwise known as the GSIS Act of 1997

Summary

RMC No. 3-2002 circularizes GSIS Memorandum Circular No. 5-2001, which amends Section 11.8.2, Rule XI of the implementing rules and regulations of RA 8291, the GSIS Act of 1997.

Key points

1. Termination of life insurance membership. A member separated or retired from service for any reason other than dismissal for cause or total and permanent disability ceases to be a life insurance member as of the date of termination.
2. Before September 7, 2001. For members who separated, resigned or retired before September 7, 2001, the termination date of their policies or certificates of membership is September 30, 2001.
3. On or after September 7, 2001. Membership of those who separated, resigned or retired on or after September 7, 2001 ends automatically on the date of separation.
4. Optional membership. Members separated before the Circular’s issuance who chose to keep their membership by directly paying the premiums, both personal and government share, from separation to date may continue it. It runs until its maturity date or until an earlier contingency ends it.

Who is affected

• GSIS members separated, resigned or retired from service

Deadlines and effectivity

• Members separated before September 7, 2001: terminated as of September 30, 2001
• Members separated on or after September 7, 2001: terminated on date of separation

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.