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PRESIDENTIAL DECREE NO. 530
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PRESIDENTIAL DECREE NO. 530 -
GRANTING CHARTER TO THE "ASIAN INSTITUTE OF INSURANCE, INC." TO
ORGANIZE AS A NON-STOCK, NON-PROFIT CORPORATION
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WHEREAS,
Insurance is vital to the socio-economic life of a country;chanroblesvirtualawlibrary
WHEREAS, in many countries of Asia, domestic insurance companies do not
find facilities to educate and train their personnel in insurance and
in insurance management;chanroblesvirtualawlibrary
WHEREAS, the Philippines has earned in East Asia a reputation for
leadership in various fields, among which are insurance, insurance
education and management;chanroblesvirtualawlibrary
WHEREAS, consonant with this leadership in insurance, insurance
education and management, it behooves the Philippines to set up and to
offer to its Asian neighbors the facilities they need and lack for
insurance education, training and management; chanroblesvirtualawlibrary
WHEREAS, such facilities as would enable the Philippines to discharge
this assumed responsibility with effectiveness and prestige would
require both capable people and financing in a significant amount;chanroblesvirtualawlibrary
WHEREAS, there are capable individuals and entities in the Philippine
Insurance Industry interested to set up a non-stock, non-profit
institution that would carry out the purposes andms as hereinabove
stated, with the end in view of establishing in this country a center
of learning for insurance in Asia particularly for East Asia;chanroblesvirtualawlibrary
WHEREAS, if given proper incentives the financing needed might be
raised from persons and entities, both within and outside the
Philippine Insurance Industry, who will contribute to the Institution
by way of donation, bequests, endowment, or other forms; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree: chanroblesvirtualawlibrary
Section 1. Any provision of law, decree, executive
order, administrative order, letter of instruction, or rules and
regulations to the contrary notwithstanding, there shall be created a
non-stock and non-profit corporation to be called and named the "ASIAN
INSTITUTE OF INSURANCE, INC." to carry out the purposes of this decree
as hereinabove enunciated and to form, establish and operate an
Institute for the purpose above-mentioned and for other related
purposes to ensure its continuous existence for a period of 50 years.
The Insurance Commissioner shall approve the Articles of Incorporation
and By-Laws of the "Asian Institute of Insurance, Inc." to ascertain
the carrying out of the purposes herein enunciated and upon approval of
the said Articles and By-Laws, the same shall be forwarded to and
recorded in the office of the Securities and Exchange Commission. chanroblesvirtualawlibrary
Section 2. This Decree shall take effect and shall be
implemented immediately.
Done in the City of Manila,
this 7th day of August, in the year of Our Lord, nineteen hundred and
seventy-four.
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