Section 18
SEC. 18. Section twenty-six of the same Act is further amended by amending paragraphs (d) and (g) to read as follows: "SEC. 26. Investment of reserve funds— (d) In direct housing loans to covered employees and housing projects giving priority to the low-income groups, up to a maximum of ninety per cent of the appraised value of the properties to be mortgaged by the borrowers and the maintenance of hospitals and institutions for the sick, aged and infirmed members and their families, referred to in section four (j) of this Act. (g) As part of its investment operations, the SSS shall act as insurer of all or part of its interests on SSS properties, properties mortgaged to the SSS, or lives of mortgagors whose properties are mortgaged to the SSS. For this purpose, the SSS shall established a separate account to be known as the "Mortgagors' Insurance Account." All amounts received by the SSS in connection with the aforesaid insurance operations shall be placed in the Mortgagors' Insurance Account. The assets and liabilities of the Mortgagors' Insurance Account shall at all times be clearly identifiable and distinguishable from the assets and liabilities in all other accounts of the SSS. Notwithstanding any provision of law to the contrary, the assets held in the Mortgagors' Insurance Account shall not be chargeable with the liabilities arising out of any other business the SSS may conduct but shall be held and applied exclusively for the benefit of the owners or beneficiaries of the insurance contracts issued by the SSS under this paragraph. (h) The SSS may insure any of its interests or part thereof with any private company or re-insurer. The Insurance Commission or its authorized representatives shall make an examination into the financial condition and methods of transacting business of the SSS at least once in two years but such examination shall be limited to the insurance operation of the SSS as authorized under this section and shall not embrace the other operations of the SSS; and the report of said examination shall be submitted to the Commission and a copy thereof shall be furnished the Office of the President of the Philippines within a reasonable time after the close of the examination: Provided, That, for each examination the SSS shall pay to the Insurance Commission an amount equal to the actual expenses of the Insurance Commission in the conduct of the examination, including the salaries of the examiners and of the actuary of the Insurance Commission who have been assigned to make such examination for the actual time spent in said examination: Provided, further, That the general law on insurance promulgated thereunder shall have suppletory application insofar as it is not in conflict with the SSS Law and its rules and regulations.