Santos v. Philippine British Assurance Co., Inc.

January 16, 2020SEC EN BANC CASE NO. 11-13-307RODERICO T. SANTOS, appellant, vs. PHILIPPINE BRITISH ASSURANCE COMPANY, INC. and COMPANY REGISTRATION AND MONITORING DEPARTMENT, appellees.DECISIONThis resolves the Memorandum of Appeal dated 7 November 2013 filed by Appellant Roderico T. Santos (Appellant Santos) on the same date before this Commission assailing the Order of the Company Registration and Monitoring Department (CRMD) dated 1 October 2013 1 (the "Order") dismissing Appellant Santos' Complaint against Appellee PBACI for lack of merit. THE PARTIESAppellant RODERICO T. SANTOS, is a Filipino, of legal age, married and with address at Unit 201 Xavierville Royale Condominium, No. 61 Xavierville Avenue, Loyola Heights, Quezon City.Appellee PHILIPPINE BRITISH ASSURANCE COMPANY, INC. ("PBACI") is a domestic corporation duly organized and incorporated under Philippine laws, with office address at Penthouse, Morning Star Building, 347 Sen. Gil Puyat Ave. Extension, Makati City.STATEMENT OF RELEVANT FACTSOn 10 March 1960, N.G.I. Insurance & Surety Corporation (NGI) was established and incorporated to do insurance and other related businesses. The Articles of Incorporation of NGI which was approved by the Commission provided...