This circular letter from the Philippines Department of Finance Insurance Commission establishes new rules for insurance companies engaging in bancassurance activities. Specifically, it requires that any insurance company seeking authorization to conduct bancassurance must be part of a financial conglomerate as determined by the Bangko Sentral ng Pilipinas. It also provides a one year transition period for existing insurance companies conducting bancassurance to comply with this new requirement or have their authorization revoked. The circular aims to lessen investment risks by ensuring insurance companies and banks belong to the same financial conglomerate when cross-selling financial products.