National Reinsurance Corporation of the Philippines: Authority to License.
Section 1
SECTION 1. National Reinsurance Corporation of the Philippines: Authority to License. — Any provision of law, decree, executive order, administrative order, letter of instruction, or rules and regulations to the contrary notwithstanding, authority is hereby granted to the Insurance Commissioner to license a corporation to be organized under the provisions of Act No. 1459, otherwise known as the Corporation Law, as a professional reinsurer under Presidential Decree No. 612, otherwise known as the Insurance Code, which corporation shall be known as the "National Reinsurance Corporation of the Philippines".