SEC. 275. Every foreign insurance company desiring to
withdraw from the Philippines shall prior to such withdrawal, discharge
its liabilities to policyholders and creditors in this country. In case
of its policies insuring residents of the Philippines, it shall cause
the primary liabilities under such policies to be reinsured and assumed
by another insurance company authorized to transact business in the
Philippines. In the case of such policies as are subject to cancellation
by the withdrawing company, it may cancel such policies pursuant to the
terms thereof in lieu of such reinsurance and assumption of
liabilities.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026
CitationPD 612 (The Insurance Code) Section 275 (LawPlayer, data as of July 4, 2026)
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
