• A planholder may terminate his pre-need plan at any time by giving written notice to the issuer

• Nonpayment of a plan within the grace period shall render the plan a lapsed plan

• The planholder may reinstate his plan

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• A foreign corporation lawfully doing business in the Philippines shall be bound by all laws applicable to domestic corporations

• A foreign corporation authorized to transact business in the Philippines shall obtain an amended license in the event it changes its corporate name

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• The license of a foreign corporation to transact business in the Philippines may be revoked or suspended by the Securities and Exchange Commission

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• For every pre-need plan which the pre-need company intends to offer for sale to the public, the pre-need company shall file with the Insurance Commission a registration statement for the sale of pre-need plans

• Pre-need plans shall be advertised and sold in an appropriate non-misleading manner

• No registered pre-need plan shall be sold to prospective planholders unless an information brochure has been provided to the purchaser

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• Sales counselors are persons who are engaged in the sale of pre-need plans upon the authority of the pre-need company

• No sales counselor shall be allowed to sell pre-need plans without being licensed by the Insurance Commission

• An application for the issuance or renewal of a license to act as sales counselor may be denied

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