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PRESIDENTIAL DECREE NO. 65
PRESIDENTIAL DECREE NO. 65 -
FURTHER AMENDING Section TWENTY-SIX, PARAGRAPH (g), OF REPUBLIC ACT
NUMBERED ELEVEN HUNDRED AND SIXTY-ONE, AS AMENDED, OTHERWISE KNOWN AS
"THE SOCIAL SECURITY LAW"
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WHEREAS, on the 19th of October, 1972,
Presidential Decree No. 24, amending certain Sections of Republic Act
No. 1161, as amended, otherwise known formerly as "The Social Security
Act of 1954" and now as "The Social Security Law"; chanroblesvirtualawlibrary
WHEREAS, it was found necessary to further amend the said Social
Security Law, particularly Section Twenty-six, paragraph (g) thereof,
in order to establish a separate account in connection with the
operation of the Social Security System as an insurer of its interest
on the lives and/or properties of its mortgagors;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, do hereby amend Section
26, paragraph (g) of the said Social Security Law, to wit;chanroblesvirtualawlibrary
Section 1. Section Twenty-six, paragraph (g), of Act
Numbered Eleven Hundred and Sixty-One, as amended, is further amended
to read as follows:cralaw:red
"(g) As part of its investment operation the Social
Security System (SSS) shall act as insurer of all or part of its
interests on properties mortgaged to the SSS or on the lives of
mortgagors whose properties are mortgaged to the SSS in accordance with
such rules and regulations prescribed by the Social Security
Commission. For this purpose, the SSS shall establish a separate
account to be known as the "Mortgagors' Insurance Account." All amounts
received by the SSS in connection with the aforesaid insurance
operations shall be placed in the Mortgagors' Insurance Account. The
assets and liabilities of the Mortgagors' Insurance Account shall at
all times be clearly identifiable and distinguishable from the assets
and liabilities in all other accounts of the SSS. Notwithstanding any
provision of law to the contrary, the assets held in the Mortgagors'
Insurance Account shall not be chargeable with the liabilities arising
out of any other business the SSS may conduct but shall be held and
applied exclusively for the benefit of the owners or beneficiaries of
the insurance contracts issued by the SSS under this paragraph.
"The SSS may insure any of its interests or part thereof with any
private company or reinsurer.
"The Insurance Commission or its authorized representatives shall make
an examination into the financial condition and methods of transacting
business of the SSS at least once in two years and the report of said
examination shall be submitted to the Social Security Commission and
copy thereof shall be furnished the Congress and the Office of the
President of the Philippines within a reasonable time after the close
of the examination: Provided, That for each examination the SSS shall
pay to the Insurance Commission an amount equal to the actual expenses
of the Insurance Commission in the conduct of the examination,
including the salaries of the examiners and of the actuary of the
Insurance Commission who have been assigned to make such examination
for the actual time spent in said examination.
"The general law on insurance and rules and regulations promulgated
thereunder shall have suppletory application insofar as it is not in
conflict with the Social Security Law its rules and regulations."
Section 2. This Decree is hereby made part of the
laws of the land and shall take effect immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 20th day of November, in the year of Our Lord, nineteen hundred
and seventy-two.
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