What document must be submitted to BSIS if a corporation’s PPO passes away?

When a corporation's Principal Owner (PPO) passes away, it is crucial to maintain compliance with the regulations set by the Bureau of Security and Investigative Services (BSIS). The correct procedure in this situation is to submit a "New Owner" application. This document is necessary because the PPO plays a key role in the corporation's licensing status, and the passing of this individual requires the corporation to officially designate a new PPO to ensure a smooth transition of ownership and management authority.

Submitting a "New Owner" application allows the corporation to inform BSIS of the change in ownership and to provide the necessary information about the individual who will assume that responsibility. This process is vital for maintaining the integrity and legality of the corporation's operations in the security industry. If not addressed, the corporation could face regulatory issues or lose its license to operate.

In contrast, a "Transfer of Ownership" document would typically be relevant for a complete change in ownership rather than just the passing of an individual in a key position. A dissolution notice relates to the termination of business operations, and an insurance update would involve modifications to the corporation's insurance policy rather than changes in ownership status. These alternative options do not fulfill the specific requirement to appoint a new Principal Owner following the death of