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Chan Robles Virtual Law Library


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A collection of Philippine laws, statutes and codes
not included or cited in the main indices
of the Chan Robles Virtual Law Library

This page features the full text of
Batas Pambansa Bilang 874
AN ACT AMENDING CERTAIN SECTIONS OF PRESIDENTIAL DECREE NUMBERED FOURTEEN HUNDRED AND SIXTY, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978.
chan robles virtual law library


BATAS PAMBANSA BILANG 874
 
 
AN ACT AMENDING CERTAIN SECTIONS OF PRESIDENTIAL DECREE NUMBERED FOURTEEN HUNDRED AND SIXTY, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978.
chan robles virtual law library
chan robles virtual law library
Section 1.  Section Twenty-seven of Presidential Decree Numbered Fourteen hundred and sixty, otherwise known as the Insurance Code of 1978, is hereby amended to read as follows:chanroblesvirtuallawlibrary chanrobles virtual law library

"Sec. 27.  A concealment whether intentional or unintentional entitles the injured party to rescind a contract of insurance." 

Sec. 2.  Section Forty-five of the same Code is amended to read as follows:  chanrobles virtual law library

"Sec. 45.  If a representation is false in a material point, whether affirmative or promissory, the injured party is entitled to rescind the contract from the time when the representation becomes false. The right to rescind granted by this Code to the insurer is waived by the acceptance of premium payments despite knowledge of the ground for rescission." 

Sec. 3.  Section one hundred eighty of the same Code is amended by inserting as Section 180-A thereof the following: 

"Sec. 180-A.  The insurer in a life insurance contract shall be liable in case of suicides only when it is committed after the policy has been in force for a period of two years from the date of its issue or of its last reinstatement, unless the policy provides a shorter period: Provided, however, That suicide committed in the state of insanity shall be compensable regardless of the date of commission."  chanrobles virtual law library

Sec. 4.  Section Three hundred eighty-four of same Code is hereby amended to read as follows:  chanrobles virtual law library

"Sec. 384.  Any person having any claim upon the policy issued pursuant to this Chapter shall, without any unnecessary delay, present to the insurance company concerned a written notice of claim setting forth the nature, extent and duration of the injuries sustained as certified by a duly licensed physician. Notice of claim must be filed within six months from date of accident, otherwise, the claim shall be deemed waived. Action or suit for recovery of damage due to loss or inquiry must be brought in proper cases, with the Commissioner or the Courts within one year from denial of the claim, otherwise the claimant's right of action shall prescribe." 

Sec. 5.  The seventh paragraph, Section Four hundred sixteen of the same Code is amended to read as follows: 

"Any decision, order or ruling rendered by the Commission after a hearing shall have the force and effect of a judgment. Any party may appeal from a final order, ruling or decision of the Commissioner by filing with the Commissioner within thirty days from receipt of copy of such order, ruling or decision a notice of appeal to the Intermediate Appellate Court in the manner provided for in the Rules of Court for appeals from the Regional Trial Court to the Intermediate Appellate Court."  chanrobles virtual law library

Sec. 6.  Any provision of law, decree, rule or regulation or any portion thereof which is inconsistent with this Act is hereby repealed. 


Sec. 7.  This Act shall take effect immediately upon its approval. 
chanrobles virtual law library

Approved: June 12, 1985



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