Preamble
WHEREAS, it is the policy of the Government 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, in line with this policy, there is a pressing need to ensure the due performance of the contracts concluded by insurance companies doing business in the Philippines; to maintain the liquidity and solvency of such insurance companies to prevent or minimize the outflow of foreign exchange by insuring a balance of external trade; and to coordinate insurance company policy with the investment policy of the Government, having regard to the principles adopted in the monetary, credit and fiscal fields; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby amend certain sections or provisions of Act Numbered Twenty-four hundred and twenty-seven, otherwise known as the Insurance Act, as amended, to wit: