ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
:
ADMINISTRATIVE ORDERS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
ADMINISTRATIVE ORDER NO. 80 -
AUTHORIZING INSULAR GENERAL INSURANCE COMPANY, TO BECOME A SURETY UPON
OFFICIAL RECOGNIZANCES, STIPULATIONS, BONDS AND UNDERTAKINGS
WHEREAS, Sec. 1 of Act No. 536, as
amended by Act No. 2206, provides that whenever any recognizance,
stipulation, bond, or undertaking conditioned for the faithful
performance of any duty or of any contract made with any public
authority, national, provincial, municipal, or otherwise, or of any
undertaking, or for doing, or refraining from doing anything in such
recognizance, stipulation, bond, or undertaking specified is, by the
laws of the Philippines or by the regulations or resolutions of any
public authority therein, required or permitted to be given with one
surety or with two or more sureties, the execution of the same or the
guaranteeing solely of the performance of the condition thereof shall
be sufficient when executed or guaranteed solely by any corporation
organized under the laws of the Philippines, having power to guarantee
the fidelity of persons holding positions of public or private trust
and to execute and guarantee bonds of undertakings in judicial
proceedings and to agree to the faithful performance of any contract or
undertaking made with any public authority;
WHEREAS, said section further provides that no head of department,
judge, officer, board, or body, whether executive, legislative, or
judicial, shall approve or accept any corporation as surety on any
recognizance, stipulation, bond, contract, or undertaking, unless such
corporation has been authorized to do business in the Philippines in
accordance with the provisions of said Act No. 536, as amended, nor
unless such corporation has, been authorized to become a surety upon
official recognizances, stipulations, bonds, and undertakings; and
WHEREAS, INSULAR GENERAL INSURANCE COMPANY, INC., is a domestic
corporation organized and existing under the laws of the Republic of
the Philippines, and fulfills the conditions prescribed by said Act No.
536, as amended.
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by
virtue of the powers vested in me by law, do hereby authorize the
Insular General Insurance Company, Inc., to become a surety upon
official recognizances, stipulation, bonds, and undertakings in such
manner and under such conditions as are provided by law, subject,
however, to the condition that the amount constituting the contributed
surplus fund shall not at anytime be withdrawn without prior
recommendation and justification by the Insurance Commissioner, duly
approved by the Secretary of Finance, and provided further, that the
moment Insular General Insurance Co., Inc., become indebted to any
government instrumentality or political subdivision thereof, or to any
government-owned or controlled corporation in the total amount of
P50,000.00 accruing from the issuance of bonds, the same having become
due and demandable, the insurance company must voluntarily desist from
writing or issuing all kinds of bonds until the outstanding liabilities
in government bonds shall have been fully paid or settled. Non-payment
of liabilities shall be a cause for the immediate revocation of this
Administrative Order.
Done in the City of Manila,
this 8th day of September in the year of Our Lord, nineteen hundred and
ninety-three.
chanrobles virtual law library
Back
to Main
Since 19.07.98.