Preamble
WHEREAS, Presidential Decree No. 612, otherwise known as the Insurance Code has already been promulgated; WHEREAS, Section 418 of the said Insurance Code created the Insurance Fund out of the proceeds of taxes on insurance premiums imposed by Section 255 of the National Internal Revenue Code, and from which fund the Insurance Commission will derive its operating expenses in lieu of the special assessments being made by the Office of the Insurance Commissioner from insurance companies in accordance with the provisions of Sections 2, 3, and 4 of Republic Act No. 275; WHEREAS, there is need to amend the provisions of Section 255 of the National Internal Revenue Code to harmonize the provisions thereof with the provision of Section 418 of the Insurance Code so as not to disturb the collection of the premium tax which accrue to the general fund. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution do hereby decree and order: