Section 281
SEC. 281. Any person, partnership, association, or corporation authorized to transact solely reinsurance business must have a paid-up capital stock of at least five million pesos, fifty per centum of which must be invested in securities satisfactory to the Commissioner, consisting- of bonds or other evidence of debt of the Government of the Philippines or its political subdivisions or instrumentalites, or of government-owned or controlled corporations and entities, including the Central Bank of the Philippines, and deposited with the Commissioner, and the other fifty per centum in such other securities as may be allowed and permitted by the Commissioner, which securities shall at all times be maintained free from any lien or encumbrance; Provided, That reinsurers already doing business as such in the Philippines on the date this Code becomes effective shall comply with the requirement of this section by increasing their respective paid-up capital as herein provided not later than June thirty, nineteen hundred seventy-seven; Provided, further, That the provisions of this chapter applicable to insurance companies shall so far as practicable be likewise applicable to professional reinsurers.