Section 1
SECTION 1. Section 200(B) 1 of the same Act, as amended, is further amended by adding thereto the following: "Provided, That this requirement shall not apply to cooperatives undertaking assurance on the life, health, property and oilier risks of its members and/or those of the individual members of the member-societies. Investment of funds of insurance cooperatives shall be under the supervision, direction and control of the Department of Local Government and Community Development through the Bureau of Cooperatives taking into consideration the declared investment, monetary, credit and fiscal policies of the Government."