Additional requirements.
Section 12
SEC. 12. Additional requirements.—No policy of life insurance shall be issued or delivered unless and until a copy of the form thereof has been filed with the Insurance Commissioner and approved by him; nor shall such policy be so issued or delivered unless it contains in substance the provisions embodied in section one hundred eighty-four of Act Numbered Twenty-four hundred and twenty-seven, as amended: Provided, however, That in the case of annuity or pure endowment contracts, any of such provisions or portions thereof that are not applicable to said contracts shall, to that extent, not be incorporated therein. SEC. 13. Administration of System; the Government Service Insurance Board.—The administration of the Government Service Insurance System shall be vested in a Board to be known as the "Government Service Insurance Board." to consist of five members to be appointed by the President of the Philippines with the eonsent of the Commission on Appointments of the National Assembly, fhree of whom shall be members of the System. The Board shall elect from among its members a Chairman and a Vice-Chairman, who shall each serve until his successor is elected and qualified. The members of the Board first appointed shall hold office as follows: one for one year, two for two years, and two for three years. At the expiration of their respective terras, a successor shall be appointed for the term of three years from the date of such expiration. All vacancies, except through expiration of the term, shall be filled for the unexpired term only. The members of the Board shall devote to its business such time and shall receive such compensation not in excess of ten thousand pesos or per diems as the President of the Philippines may fix from time to time not exceeding in any case twenty pesos for each day of attendance to session. The Board shall be under the administrative supervision of the Secretary of Finance.