Section 48Sec./Art. 48

Suspension; Grounds. - If the Commission is of the opinion, upon examination or other evidence, that any pre-need company is in an unsound condition, or that it has failed to comply with the provisions of law or regulations, or that its condition or method of business is such as to render its proceedings hazardous to the public or to its planholders, or that its paid - up capital stock is impaired or deficient, the Commission is authorized to suspend or revoke all certificates of authority granted to such pre-need company, its officers and agents, after due notice or hearing. No new business shall thereafter be done by such company or for such company by its agent in the Philippines.

The Commission may not lift the order of suspension or revocation of the said authority until the concerned pre-need company shall have submitted a viable business plan showing the companys estimated receipts and disbursements, as well as the basis therefor for the next succeeding three (3) years.

CHAPTER XIII

CONSERVATORSHIP AND PROCEEDINGS UPON INSOLVENCY