WHEREAS,
Presidential Decree No. 612, known as the Insurance Code of the
Philippines, has undergone several amendments since its promulgation on
December 18, 1974;chanroblesvirtualawlibrary
WHEREAS, there exist in the said Code a substantial number of
provisions rendered obsolete by subsequent issuances of amendatory
laws, decrees and executive orders thereby making it imperative to
consolidate, codify and integrate such amendatory laws, decrees and
executive orders to harmonize their provisions for the proper guidance
of the public and efficient administration thereof;chanroblesvirtualawlibrary
WHEREAS, there likewise exist in the said Code certain provisions which
are impractical in application, thus, necessitating revision in order
to infuse flexibility, keep pace with the changing needs and demands of
industries in line with new risks and arising out of new international
developments.
NOW, THEREFORE, I FERDINAND E. MARCOS, President of the Republic of the
Philippines, by virtue of the powers in me vested by the Constitution
do hereby order and decree as follows:cralaw:red
Section 1. Codification of all insurance laws. — All
insurance laws embodied in the present Insurance Code and various laws,
presidential decrees and executive orders are hereby consolidated into
a single Code to be known as the Insurance Code of 1978 which shall
form an integral part of this Decree.
Section 2. Effectivity. — The provisions of the
Insurance Code of 1978 shall take effect immediately without prejudice,
however, to the effectivity dates of the various laws, decrees and
executive orders which have so far amended the provisions of the
Insurance Code of the Philippines (Presidential Decree No. 612).
DONE in the City of Manila,
this 11th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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