Amending Certain Sections Of Act Numbered Twenty Four Hundred And Twenty Seven, Otherwise Known As The Insurance Act, As Amended By Presidential Decree No. 63
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Amending Certain Sections Of Act Numbered Twenty Four Hundred And Twenty Seven, Otherwise Known As The Insurance Act, As Amended By Presidential Decree No. 63
Presidential Decree No. 317
October 22, 1973
Case Overview and Summary
Summary of Presidential Decree No. 317Provisions for Cooperatives Undertaking Insurance:
- Cooperatives are exempted from the requirement of securing a certificate of authority from the Insurance Commissioner to undertake insurance on the life, health, property, and other risks of their members and/or members of their member-societies. (Section 1)
- Investment of funds of insurance cooperatives shall be under the supervision, direction, and control of the Department of Local Government and Community Development through the Bureau of Cooperatives, considering the government's investment, monetary, credit, and fiscal policies. (Section 1)
Provisions for Insurance Agents, Sub-Agents, and Brokers:
- The Insurance Commissioner shall issue a certificate of authority to a cooperative society, upon recommendation and certification by the Department of Local Government and Community Development through the Bureau of Cooperatives, to act as an agent, general or commission agent, sub-agent, or broker for an insurance cooperative of which it is a member, in soliciting or procuring applications for insurance. (Section 2)
- For individual persons applying for authority to act as an agent, sub-agent, or broker of an insurance cooperative, the issuance of the certificate of authority shall be solely determined and at the discretion of the Insurance Commissioner. (Section 2)
Other Provisions:
- All laws, executive orders, rules, and regulations or parts thereof inconsistent with this Decree are hereby repealed and/or modified accordingly. (Section 3)
- This Decree shall take effect immediately. (Section 4)
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solicitation
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economic reforms
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Amending Certain Sections Of Act Numbered Twenty Four Hundred And Twenty Seven, Otherwise Known As The Insurance Act, As Amended By Presidential Decree No. 63
Presidential Decree No. 317
•October 22, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 317 October 22, 1973
AMENDING CERTAIN SECTIONS OF ACT NUMBERED TWENTY FOUR HUNDRED AND TWENTY SEVEN, OTHERWISE KNOWN AS THE INSURANCE ACT, AS AMENDED BY PRESIDENTIAL DECREE NO. 63
WHEREAS, it is the policy of the State to foster the creation and growth of cooperatives as a means of attaining a more equitable distribution of income and wealth;
WHEREAS, in line with this policy and in addition to the privileges granted in Presidential Decree No. 175, dated April 14, 1973, developmental incentives must be provided to broaden the cooperative base and to enable the cooperatives to expand their activities in coordination with the economic, social and agrarian reforms of the government;
WHEREAS, security and peace of mind should be provided to the small farmers and low income group in the event of loss of life, health and property.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of the Armed Forces of...
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