Section 178
SEC. 178. No foreign insurance company shall engage in business in the Philippine Islands unless possessed of paid up unimpaired capital (or assets) and reserve not less than that herein required of domestic insurance companies; and no insurance company organized or existing under the government or laws other than those of the Philippine Islands or any state of the United States shall engage in business in the Philippine Islands until it shall have deposited with the Insurance Commissioner for the benefit and security of its policy holders and creditors in the Philippine Islands securities, satisfactory to the Insurance Commissioner consisting of bonds of the United States or of the Philippine Islands or of the city of Manila or of municipalities in the Philippine Islands authorized by law to issue bonds, or of the government in which such company is organized, or other good securities to the actual market value of one hundred thousand pesos: Provided, That if a company organized or existing under the laws of any government outside of the United States and the Philippine Islands shall have made a deposit with the insurance department of some one of the States of the United States of securities of the character above described to the actual market value of at least four hundred thousand pesos, in exclusive trust for the benefit and security of all the company's policy holders and creditors in the United States and its possessions, such deposit shall be held to be in lieu of the deposit required by this section: And provided, further, That it shall be a sufficient compliance with the provisions of this section if the deposit herein required be made with the Chief of the Bureau of Insular Affairs of the War Department at Washington or with a safe deposit company designated by that officer, which company shall agree to hold the securities so deposited subject to the control of the Chief of the Bureau of Insular Affairs as the representative of the insurance commissioner of the Philippine Islands.