SEC. 407. For failure to remove such cause or causes which
brought about the suspension or revocation of the license of a mutual
benefit association, the Commissioner shall apply under this Code for an
order from the proper court to liquidate such association.
The provisions of titles fourteen and fifteen, chapter three, pertaining
to the appointment of a conservator and proceedings upon insolvency of
an insurance company, shall, insofar as practicable, apply to mutual
benefit associations.
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 407 (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).
