PD 612 (The Insurance Code) TITLE 19. — Professional Reinsurers

Section 280–281 · 2 provisions

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Section 280

SEC. 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 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 of 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 the Commission or must be satisfied that the name of the applicant is not that of any other known company transacting insurance or reinsurance 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 such person, partnership, association, or corporation is continuing to comply with the provisions of this Code, or the circulars, instructions, rulings, or decisions of the Commissioner and such other pertinent laws, rules and regulations. Every such person, partnership, association, or corporation receiving such certificate of authority shall be subject to the provisions of this Code and other related laws, and to the jurisdiction and supervision of the Commissioner.

Section 281

SEC. 281. Any person, partnership, association, or corporation authorized to transact solely reinsurance business must have a paid-up capital stock of at least five million pesos, fifty per centum of which must be invested in securities satisfactory to the Commissioner, consisting- of bonds or other evidence of debt of the Government of the Philippines or its political subdivisions or instrumentalites, or of government-owned or controlled corporations and entities, including the Central Bank of the Philippines, and deposited with the Commissioner, and the other fifty per centum in such other securities as may be allowed and permitted by the Commissioner, which securities shall at all times be maintained free from any lien or encumbrance; Provided, That reinsurers already doing business as such in the Philippines on the date this Code becomes effective shall comply with the requirement of this section by increasing their respective paid-up capital as herein provided not later than June thirty, nineteen hundred seventy-seven; Provided, further, That the provisions of this chapter applicable to insurance companies shall so far as practicable be likewise applicable to professional reinsurers.

Back to PD 612 (The Insurance Code) — full text

Provisions on this page are reproduced verbatim from official open data. See the attribution line.

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

Continue your research

PD 612 (The Insurance Code), full textChapter navigation and full text, so you can read this section in contextPhilippines legislation Philippine Laws by type and yearGrouped by instrument type and year of enactment, so you can find others of the same kindBrowse by type and year Philippines: what this database coversWhich datasets are here, which official source they come from, and how current they arePhilippines overview