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RMC No. 07-2017: Circularizes the pertinent content of the letter issued by the Insurance Commission on the cessation of business by Far Eastern Surety and Insurance Company

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Summary

RMC No. 07-2017 circularizes the pertinent content of a letter from Atty. Mila Teresita S.J. Racelis of the Insurance Commission on the cessation of business by Far Eastern Surety and Insurance Company.

Key points

  1. Order of the Insurance Commission. The Insurance Commission ordered Far Eastern Surety and Insurance Company to cease and desist from doing insurance business and placed it under Conservatorship effective 14 April, 2016.
  2. Instruction to BIR personnel. BIR officials and employees are enjoined not to transact, accept or entertain any business with the company without the consent of the Insurance Commission or Atty. Racelis.

Who is affected

  • BIR officials and employees

Deadlines and effectivity

  • Conservatorship effective 14 April, 2016

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

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.