Section 14
SEC. 14. Section One hundred ninety-two of the same Act is further amended to read as follows: "SEC. 192. It shall he unlawful for any person, company, or corporation in the Philippines either to procure, receive or forward applications for insurance in or to issue, or to deliver or accept policies of or for any company or companies not having been legally authorized to transact business in the Philippines, as provided in this Chapter; and any such person, company, or corporation violating the provisions of this section shall be deemed guilty of a penal offense, and upon conviction thereof, shall for each such offense, be punished by a fine of ten thousand pesos (P10,000.00) and imprisonment of six months : Provided, That the provisions of this section shall not apply to reinsurance: And Provided, further, That every insurance company doing business in the Philippines shall reinsure with insurance or reinsurance companies likewise doing business in the Philippines such percentage of the sum assured on its policy as may be specified by the Insurance Commission in a circular duly approved by the Secretary of Finance. The circular shall specify the percentage of the sum assured on each policy to be reinsured: Provided, That different percentage may be specified for different classes of business: And provided, further, That the proportions in which the percentage shall be allocated among the assuming insurance or reinsurance companies may also be specified in said circular."