REVENUE MEMORANDUM CIRCULAR NO. 7-2017 issued on January 10, 2017 circularizes the pertinent content of the letter issued by Atty. Mila Teresita S.J. Racelis of the Insurance Commission.

     In the letter, Atty. Racelis informs the BIR that the Insurance Commission has issued an Order against Far Eastern Surety and Insurance Company to cease and desist from doing insurance business, and simultaneously placing it under Conservatorship effective 14 April, 2016.

     BIR officials and employees are enjoined not to transact, accept or entertain any business with the aforesaid company without the consent of the Insurance Commission or Atty. Racelis.