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No insurance company organized or existing under the government or laws other than those of the Philippines shall engage in business in the Philippines unless possessed of unimpaired capital or assets and reserve of not less than One billion pesos (P1,000,000,000.00), nor until it shall have deposited with the Commissioner for the benefit and ...
23 gru 2020 · WHAT MAY BE INSURED. Sec. 3. Any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, or create a liability against him, may be insured against, subject to the provisions of this chapter.
This law outlines what defines an insurance contract, regulates insurance companies’ activities, and sets forth requirements for both local and foreign insurers. It ensures the industry’s stability and integrity, providing clear standards for licensing, capital requirements, and business practices.
15 sie 2013 · Insurers or insurance companies must be authorized to engage in the business of insurance in the Philippines before it can transact any insurance business in the Philippines, and must obtain a certificate of authority from the Securities and Exchange Commission for this purpose.
29 wrz 2024 · Learn the key points of the Insurance Code (RA 10607) in simple terms. Understand your rights as a policyholder, consumer protections, and how insurance works in the Philippines.
SUB-TITLE 1-A DEFINITION. Section 101. Marine Insurance includes: (a) Insurance against loss of or damage to: (1) Vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, instruments of debts, valuable papers, bottomry, and respondentia interests and all ...
Insurance Code (Presidential Decree No. 612) ACT NO. 2427. AN ACT REVISING THE INSURANCE LAWS. AND REGULATING INSURANCE BUSINESS IN THE PHILIPPINE ISLANDS. PRELIMINARY CHAPTER. SECTION 1. The short title of this Act shall be "The Insurance Act." CHAPTER 1. Insurance in general.
