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1. The cover note shall be issued or renewed only upon proper approval of the Insurance
Commission;
2. The cover note shall be valid and binding not more than sixty (60) days from the date of its
issuance;
3. No separate premium is required for the cover note;
4. The policy should be issued within sixty (60) days after the issuance of the cover note;
5. The sixty (60) day period may be extended upon written approval or the Insurance
Commission; and
6. The written approval of the Insurance Commission is dispensed with upon the certification of the president, vice-president or general manager of the insurer that the risk involved, the values of such risks and premium therefore have not as yet been determined or established and the extension or renewal is not contrary to or is not for the purpose of violating the Insurance Code or
any rule.
Commission;
2. The cover note shall be valid and binding not more than sixty (60) days from the date of its
issuance;
3. No separate premium is required for the cover note;
4. The policy should be issued within sixty (60) days after the issuance of the cover note;
5. The sixty (60) day period may be extended upon written approval or the Insurance
Commission; and
6. The written approval of the Insurance Commission is dispensed with upon the certification of the president, vice-president or general manager of the insurer that the risk involved, the values of such risks and premium therefore have not as yet been determined or established and the extension or renewal is not contrary to or is not for the purpose of violating the Insurance Code or
any rule.
