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Certification from the Insurance Commission

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Certification from the Insurance Commission

Post by riddler on Mon Mar 12, 2012 4:17 pm

NPM 17-2012
Date 2/2/2012
Requesting Entity: Innove Communications, Inc.

Subject Certification issued by the Insurance Commission

Issues/Concern Clarification as regards the prescribed format and the required information of the certification that should accompany a surety bond submitted as a bid or performance security provided in Sections 27 and 39.

With respect to the format of the certification, please be informed that since the authority to issue such certification belongs with the Insurance Commission, it has the prerogative to determine the format therefor.

As regards the content of the certification, please note that as discussed in a previous opinion and in compliance with Sections 27.2 (c) and 39.2 (c), the certification which must be submitted by the bidder together with the surety bond must (i) unequivocally state that the surety or insurance company is specifically authorized to issue surety bonds callable on demand, and (ii) must be issued by the Insurance Commission. Further, we wish to note that since the surety bond required under Sections 27.2 (c) and 39.2 (c) is required to be project specific, the certification from the Insurance Commission must also be project specific

Very Happy any thoughts on the underlined requirement?.. Very Happy
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Re: Certification from the Insurance Commission

Post by RDV @ GP3i on Mon Mar 12, 2012 4:47 pm

riddler wrote:
NPM 17-2012
Date 2/2/2012
Requesting Entity: Innove Communications, Inc.

Subject Certification issued by the Insurance Commission

Issues/Concern Clarification as regards the prescribed format and the required information of the certification that should accompany a surety bond submitted as a bid or performance security provided in Sections 27 and 39.

With respect to the format of the certification, please be informed that since the authority to issue such certification belongs with the Insurance Commission, it has the prerogative to determine the format therefor.

As regards the content of the certification, please note that as discussed in a previous opinion and in compliance with Sections 27.2 (c) and 39.2 (c), the certification which must be submitted by the bidder together with the surety bond must (i) unequivocally state that the surety or insurance company is specifically authorized to issue surety bonds callable on demand, and (ii) must be issued by the Insurance Commission. Further, we wish to note that since the surety bond required under Sections 27.2 (c) and 39.2 (c) is required to be project specific, the certification from the Insurance Commission must also be project specific

Very Happy any thoughts on the underlined requirement?.. Very Happy

Thank you for noticing that, riddler.

With due respect to the GPPB-TSO, what is required to be project specific is the surety bond for purposes of submission as a bid security or performance security, but the accompanying certification of the Insurance Commission should not be project specific because the certification is with respect to the surety or insurance company and not on the project subject of the bid.
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Re: Certification from the Insurance Commission

Post by jcolas on Tue Mar 13, 2012 8:20 am

"riddler wrote"

NPM 17-2012
Date 2/2/2012
Requesting Entity: Innove Communications, Inc.

Subject Certification issued by the Insurance Commission

Issues/Concern Clarification as regards the prescribed format and the required information of the certification that should accompany a surety bond submitted as a bid or performance security provided in Sections 27 and 39.

With respect to the format of the certification, please be informed that since the authority to issue such certification belongs with the Insurance Commission, it has the prerogative to determine the format therefor.

As regards the content of the certification, please note that as discussed in a previous opinion and in compliance with Sections 27.2 (c) and 39.2 (c), the certification which must be submitted by the bidder together with the surety bond must (i) unequivocally state that the surety or insurance company is specifically authorized to issue surety bonds callable on demand, and (ii) must be issued by the Insurance Commission. Further, we wish to note that since the surety bond required under Sections 27.2 (c) and 39.2 (c) is required to be project specific, the certification from the Insurance Commission must also be project specific


That is a good observation sir riddler. . As correctly pointed out by Sir RDV, the Surety Bond should and must be project specific but their is no need for the certification by the Insurance Commission to be project specific as it only certifies that the firm/company issuing the surety bond is authorized by the IC to issue such bonds.

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Re: Certification from the Insurance Commission

Post by riddler on Tue Mar 13, 2012 4:27 pm

As a matter of fact if we require the certification to be project specific, i am sure that the IC which is located in Manila will be deluge by numerous request from contractors/suppliers.
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Re: Certification from the Insurance Commission

Post by jcolas on Wed Mar 14, 2012 7:44 am

And it would be redundant! It would be another requirement heaped on our bidders who have to contend with numerous documents from numerous government agencies.
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