Preamble
Open ↗WHEREAS, Presidential Decree No. 612, known as the Insurance Code of the Philippines, has undergone several amendments since its promulgation on December 18, 1974; WHEREAS, there exist in the said Code a substantial number of provisions rendered obsolete by subsequent issuances of amendatory laws, decrees and executive orders thereby making it imperative to consolidate, codify and integrate such amendatory laws, decrees and executive orders to harmonize their provisions for the proper guidance of the public and efficient administration thereof; WHEREAS, there likewise exist in the said Code certain provisions which are impractical in application, thus, necessitating revision in order to infuse flexibility, keep pace with the changing needs and demands of industries in line with new risks and arising out of new international developments. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution do hereby order and decree as follows: