• Except upon favorable recommendation of the Insurance Commission, the Securities and Exchange Commission (SEC) shall not accept or approve the articles of incorporation and bylaws of any pre-need company

• A foreign corporation may be allowed to engage in a pre-need business in the Philippines

• Existing pre-need companies shall comply with the minimum unimpaired paid-up capital

Continue reading . . .

• Pre-need plans are contracts for the benefit of the planholders

• Planholder refers to any person who purchases pre-need plans from a pre-need company

• Pre-need company refers to any corporation registered with the Insurance Commission and authorized or licensed to sell or offer to sell pre-need plans

Continue reading . . .

• Pre-approved credit cards refer to unsolicited credit cards issued by credit card issuers to consumers

• The credit card provider must prove that its client read and consented to the terms and conditions governing the credit card’s use

• Failure to prove consent means that the client cannot be bound by the terms and conditions of the credit card

Continue reading . . .

• Banks may resort to legally permissible means to collect amounts due them under the credit card agreement

• Banks may engage qualified third-party service providers or collection agents for the purpose of assisting in the administration of the credit card business

• A bank or its service provider or collection agent may communicate with a credit cardholder in connection with the collection of any debt

Continue reading . . .