Preamble
WHEREAS, Presidential Decree No. 612, otherwise known as the Insurance Code, was promulgated primarily to promote and develop a strong national insurance industry and to provide the necessary operating conditions for its integration in the economic and social development of the Philippines; WHEREAS, the prevailing economic conditions necessitate the amendment of said Decree to further assure the solvency of insurance companies doing business in the Philippines in the interest of the sound development of the national economy; WHEREAS, there is a need to amend the said Decree to further ensure the faithful performance of insurance contracts for the protection of the interests of the policyholders and the public; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the amendment of Presidential Decree No. 612, otherwise known as the Insurance Code, as follows: