ON December 20, 2021, the Bangko Sentral ng Pilipinas (BSP) issued Memorandum Circular No. M-2021-068 addressed to all regulated banks, which recognized the Insurance Commission's (IC) authority to appoint conservators, receivers and liquidators of insurance companies and pre-need companies in accordance with the provisions of the Insurance Code of the Philippines, as amended by Republic Act No. 10607, and Republic Act No. 9829, otherwise known as the Pre-Need Code of the Philippines.
Said Memorandum Circular, issued by Deputy Governor Chuchi Fonacier, enjoined all banks to comply with the requests, orders and directives of the IC in relation to the said authority pertaining to bank accounts of insurance and pre-need companies that are placed under conservatorship, receivership and liquidation (CRL).
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