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PHILIPPINE LAWS, STATUTES & CODES
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REPUBLIC ACT NO. 1554 - AN ACT TO
AMEND THE INSURANCE ACT SO AS TO MAKE THE ADJUSTERS OF FIRE INSURANCE
CLAIMS SUBJECT TO THE SUPERVISION OF THE INSURANCE COMMISSIONER |
Section 1. Act
Numbered Twenty-four hundred and twenty-seven known as "The Insurance
Act," is hereby amended by inserting after section one hundred and
ninety-two thereof the following new section: "ADJUSTERS "(b) An
adjuster may be an independent adjuster or a public adjuster. (1) The
term "independent adjuster" means any person, firm, association or
corporation which, for money, commission or any other thing of value,
acts for or on behalf of an insurer in the investigation and adjusting
of claims arising under fire insurance contracts or fire police issued
by such insurer, or which performs such duties required by such insurer
as are incidental to such claims. "(d) Before any
such license or any renewal thereof may be issued by the insurance
commissioner there shall be filed by the person interested a written
application in the form or forms prescribed by the insurance
commissioner which shall contain such information as he may require.cralaw "(1) Any duly
licensed attorney-at-law who acts ords in adjusting insurance claims as
an incident to the practice of his profession and who does not
advertise himself as an adjuster; "(h) Every
adjuster shall submit to the office of the insurance commissioner a
quarterly report of all losses which are the subject of adjustment
effected by him during each month in the form prescribed by the
insurance commissioner. The report shall be filed within one month
after the end of each quarter." Sec. 2. The Insurance Commissioner may prescribe rules and regulations and issue instructions and orders to carry out the purposes of this Act.cralaw Sec. 3. The violation of any provision of this Act shall be punished by a fine of not more than five hundred pesos or by imprisonment in the discretion of the Court: Provided, That, in the case of a firm, association or corporation, the said penalty shall be imposed upon its president, manager, managing director, director or person in charge of its business responsible for the violation.cralaw
Sec. 4. This Act shall take effect upon its
approval: Provided, That any person, firm, association or corporation
which has been acting as adjuster of which has been advertising itself
as an adjuster up to the date of effectivity of this Act may continue
to act or advertise itself as such provided it applies for the license
prescribed in this Act within the two months from such date and the
application has not been disapproved.cralaw Approved: June 16, 1956 |