Section 6
SEC. 6. Section One hundred seventy-eight of the same Act is further amended to read as follows: "SEC. 178. No foreign insurance company shall engage in business in the Philippines unless possessed of paid up unimpaired capital or assets and reserve not less than that herein required of domestic insurance companies; and no insurance company organized or existing under the government or laws other than those of the Philippines shall engage in business in the Philippines until it shall have deposited with the Insurance Commission for the benefit and security of its policyholders and creditors in the Philippines, securities satisfactory to the Insurance Commission consisting of good securities of the Philippines, including new issues of stock of registered enterprises as this term is defined in the Investment Incentives Act, to the actual market value of not less than the minimum paid-up capital required of domestic insurance companies: Provided, That at least fifty per centum of such securities shall consist of bonds or other evidences of debt of the Government of the Philippines, its political subdivisions and instrumentalities, or of government-owned or controlled corporations and entities, including the Central Bank. The total investment of a foreign insurance company in any registered enterprise shall not exceed fifteen per centum (1-5%) of the capital of said investor nor twenty per centum (20%) of the capital of the registered enterprise, unless previously authorized in writing by the Insurance Commission. Foreign insurance companies already doing business in the Philippines on the date this Amendatory Act becomes effective shall comply with the requirement increasing their respective deposits as provided in this Act not later than June thirty, nineteen hundred and seventy-three."