Professional Documents
Culture Documents
ection 187. No insurance company shall transact any insurance business in the
Philippines until after it shall have obtained a certificate of authority for that purpose
from the Commissioner upon application therefor and payment by the company
concerned of the fees hereinafter prescribed.
The Commissioner may refuse to issue a certificate of authority to any insurance
company if, in his judgment, such refusal will best promote the interest of the people of
this country. No such certificate of authority shall be granted to any such company until
the Commissioner shall have satisfied himself by such examination as he may make
and such evidence as he may require that such company is qualified by the laws of the
Philippines to transact business therein, that the grant of such authority appears to be
justified in the light of economic requirements, and that the direction and administration,
as well as the integrity and responsibility of the organizers and administrators, the
financial organization and the amount of capital, notwithstanding the provisions of
section one hundred eighty-eight, reasonably assure the safety of the interests of the
policyholders and the public.
In order to maintain the quality of the management of the insurance companies and
afford better protection to policyholders and the public in general, any person of good
moral character, unquestioned integrity and recognized competence may be elected or
appointed director or officer of insurance companies. The Commissioner shall prescribe
the qualifications of the executive officers and other key officials of insurance companies
for purposes of this section.
No person shall concurrently be a director and/or officer of an insurance company and
an adjustment company.
Incumbent directors and/or officers affected by the above provisions are hereby allowed
to hold on to their positions until the end of their terms or two years from the effectivity
of this decree, whichever is shorter.
Before issuing such certificate of authority, the Commissioner must be satisfied that the
name of the company is not that of any other known company transacting a similar
business in the Philippines, or a name so similar as to be calculated to mislead the
public.
Such certificate of authority shall expire on the last day of June of each year and shall
be renewed annually if the company is continuing to comply with the provisions of this
Code or the circulars, instructions, rulings or decisions of the Commissioner. Every
company receiving any such certificates of authority shall be subject to the provisions of
this Code and other related laws and to the jurisdiction and supervision of the
Commissioner.
No insurance company may be authorized to transact in the Philippines the business of
life and non-life insurance concurrently unless specifically authorized to do so; Provided,
That the terms "life" and "non-life" insurance shall be deemed to include health,
accident and disability insurance.
No insurance company shall have equity in an adjustment company and neither shall an
adjustment company have an equity in an insurance company.
Insurance companies and adjustment companies presently affected by the above
provision shall have two years from the effectivity of this Decree within which to divest of
their stockholdings. (As amended by Presidential Decree No. 1455).
Section 262. Any domestic stock life insurance company doing business in the
Philippines may convert itself into an incorporated mutual life insurer. To that end it may
provide and carry out a plan for the acquisition of the outstanding shares of its capital
stock for the benefit of its policyholders, or any class or classes of its policyholders, by
complying with the requirements of this chapter.
Section 280. Except as otherwise provided in this Code, no person, partnership,
association or corporation shall transact any business in the Philippines as a
professional reinsurer until it shall have obtained a certificate of authority for that
purpose from the Commissioner upon the application therefor and payment by such
person, partnership, association or corporation of the fees hereinafter prescribed. As
used in this Code, the term "professional reinsurer" shall mean any person, partnership,
association or corporation that transacts solely and exclusively reinsurance business in
the Philippines.
The Commissioner may refuse to issue a certificate of authority to any such person,
partnership, association or corporation if, in his judgment, such refusal will best promote
public interest. No such certificate of authority shall be granted to any such person,
partnership, association or corporation unless and until the Commissioner shall have
satisfied himself by such examination as he may make and such evidence as he may
require that such person, partnership, association or corporation is qualified by the laws
of the Philippines to transact business therein as a professional reinsurer.
Before issuing such certificate of authority of the Commissioner must be satisfied that
the name of the applicant is not that of any other known company transacting insurance
policy, without necessity of court authority or the giving of a bond, where the interest of
the minor in the particular act involved does not exceed twenty thousand pesos. Such
right may include, but shall not be limited to, obtaining a policy loan, surrendering the
policy, receiving the proceeds of the policy, and giving the minor's consent to any
transaction on the policy.
FC
Art. 43. The termination of the subsequent marriage referred to in the preceding Article
shall produce the following effects:
(4) The innocent spouse may revoke the designation of the other spouse who acted in
bad faith as beneficiary in any insurance policy, even if such designation be stipulated
as irrevocable;
Art. 42. The subsequent marriage referred to in the preceding Article shall be
automatically terminated by the recording of the affidavit of reappearance of the absent
spouse, unless there is a judgment annulling the previous marriage or declaring it void
ab initio.
A sworn statement of the fact and circumstances of reappearance shall be recorded in
the civil registry of the residence of the parties to the subsequent marriage at the
instance of any interested person, with due notice to the spouses of the subsequent
marriage and without prejudice to the fact of reappearance being judicially determined
in case such fact is disputed.
Art. 50. The effects provided for by paragraphs (2), (3), (4) and (5) of Article 43 and by
Article 44 shall also apply in the proper cases to marriages which are declared ab initio
or annulled by final judgment under Articles 40 and 45.
The final judgment in such cases shall provide for the liquidation, partition and
distribution of the properties of the spouses, the custody and support of the common
children, and the delivery of third presumptive legitimes, unless such matters had been
adjudicated in previous judicial proceedings.
All creditors of the spouses as well as of the absolute community or the conjugal
partnership shall be notified of the proceedings for liquidation.
In the partition, the conjugal dwelling and the lot on which it is situated, shall be
adjudicated in accordance with the provisions of Articles 102 and 129.
Art. 64. After the finality of the decree of legal separation, the innocent spouse may
revoke the donations made by him or by her in favor of the offending spouse, as well as
the designation of the latter as beneficiary in any insurance policy, even if such
designation be stipulated as irrevocable. The revocation of the donations shall be
recorded in the registries of property in the places where the properties are located.
Alienations, liens and encumbrances registered in good faith before the recording of the
complaint for revocation in the registries of property shall be respected. The revocation
of or change in the designation of the insurance beneficiary shall take effect upon
written notification thereof to the insured.
The action to revoke the donation under this Article must be brought within five years
from the time the decree of legal separation become final.