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PRESIDENTIAL DECREE NO. 317
PRESIDENTIAL DECREE NO. 317
- AMENDING CERTAIN Sections OF ACT NUMBERED TWENTY FOUR HUNDRED AND
TWENTY SEVEN, OTHERWISE KNOWN AS THE INSURANCE ACT, AS AMENDED BY
PRESIDENTIAL DECREE NO. 63
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WHEREAS, it
is the policy of the State to foster the creation and growth of
cooperatives as a means of attaining a more equitable distribution of
income and wealth;chanroblesvirtualawlibrary
WHEREAS, in line with this policy and in addition to the privileges
granted in Presidential Decree No. 175, dated April 14, 1973,
developmental incentives must be provided to broaden the cooperative
base and to enable the cooperatives to expand their activities in
coordination with the economic, social and agrarian reforms of the
government; chanroblesvirtualawlibrary
WHEREAS, security and peace of mind should be provided to the small
farmers and low income group in the event of loss of life, health and
property.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of 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, as amended, and in order to effect
desired changes and reforms in the social, economic and political
structures of our society, do hereby amend certain sections of Act
Numbered Twenty-four hundred and twenty-seven, otherwise known as the
Insurance Act, as amended by Presidential Decree No. 63, dated November
20, 1972, by adding the following provisions:cralaw:red
Section 1. Section 200(B).1. of the same Act, as
amended, is further amended by adding thereto the following.
"Provided, That this requirement shall not apply to cooperatives
undertaking assurance on the life, health, property and other risks of
its members and/or those of the individual members of the
member-societies. Investment of funds of insurance cooperatives shall
be under the supervision, direction and control of the Department of
Local Government and Community Development through the Bureau of
Cooperatives taking into consideration the declared investment,
monetary, credit and fiscal policies of the Government." chanroblesvirtualawlibrary
Section 2. Section 189 of the same Act, as amended,
is amended by adding another paragraph immediately following the first
paragraph and to read as follows:cralaw:red
"The Insurance Commissioner shall, upon recommendation and
certification of the Department of Local Government and Community
Development through the Bureau of Cooperatives on the qualification of
a cooperative society which is a member of an insurance cooperative,
issue a certificate of authority to such cooperative society to act as
agent, general or commission or sub-agent, or broker for an insurance
cooperative of which it is a member, in the solicitation or procurement
of application for insurance. With respect to individual persons
applying for authority to act as such agent, sub-agent or broker of an
insurance cooperative the issuance of the certificate of authority
shall be lodged exclusively to the determination and discretion of the
Insurance Commissioner."
Section 3. All laws, executive orders, rules and
regulations or parts thereof inconsistent with this Decree are hereby
repealed and/or modified accordingly.
Section 4. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 22nd day of October, in the year of Our Lord, nineteen hundred and
seventy-three.
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