Section 202
SEC. 202. No person, partnership, or association of persons shall engage in the business of insurance in the Philippine Islands except as agent of a person or corporation authorized to do the business of insurance in the Philippine Islands, unless possessed of the capital and assets required of an insurance corporation doing the same kind of business in the Philippine Islands and invested in the same manner; nor unless the Insurance Commissioner shall have granted to him or them a certificate to the effect that he or they have complied with all the provisions of law which an insurance corporation doing business in the Philippine Islands is required to observe. Every person, partnership, or association receiving any such certificate of authority shall be subject to the insurance laws of the Philippine Islands and to the jurisdiction and supervision of the Insurance Commissioner in the same manner as if an insurance corporation authorized by the laws of the Philippine Islands to engage in the business of insurance specified in the certificate. GENERAL PENALTY.