Section 3
SEC. 3. Section One hundred seventy-two of the same Act is further amended to read as follows: "SEC. 172. After the becoming effective of this Act, no foreign or domestic insurance company shall transact any insurance business in the Philippines until after it shall have obtained a certificate of authority for that purpose from the Insurance Commission upon application therefor and payment by the company concerned of the fees hereinafter prescribed. "The Insurance Commission may refuse to issue a certificate of authority to any insurance company if, in its judgment, such refusal will best promote the interests of the people of this country. No such certificate of authority shall be granted to any such company until the Insurance Commission shall have satisfied itself by such examination as it may make and such evidence as it may require that such company is qualified by the laws of the Philippines to transact therein the kind or kinds of business applied for. Such certificate of authority shall expire on the last day of June of each year and shall be renewed annually if the company is continuing to comply with all the provisions of this chapter or the circulars, instructions or ruling of the Insurance Commission. Before issuing such certificate of authority, the Insurance Commission must be satisfied that the name of the company is not that of any other known company transacting a similar business, or a name so similar as to be calculated to mislead the public. Every company receiving any such certificate of authority shall be subject to the insurance laws of the Philippines and to the jurisdiction and supervision of the Insurance Commission. "No insurance company may be authorized to transact in the Philippines the business of life insurance and non-life insurance concurrently: Provided, That an insurance company may accept by way of reinsurance the kind or kinds of business specified in its certificate of authority. "All properties located in the Philippines shall be insured only with insurance companies duly authorized to do business in the Philippines. Violation of this provision shall subject the assured and/or the officers of the assured corporation to a fine of ten thousand pesos (P10,000.00) and imprisonment of six (6) months.”