Академический Документы
Профессиональный Документы
Культура Документы
OF
THE
Forfeiture of proceeds: In
the event that beneficiary is
the principal, accomplice, or
an accessory in willfully
bringing about the death of
the insured, under the old
Insurance Code (P.D 612)
the proceeds of the policy
shall go to the nearest
relative. On the other hand,
R.A. No. 10607 explicitly
states, the same shall be
forfeited in favor of other
beneficiaries.
Section 12. The interest of a beneficiary in a life SEC. 12. The interest of a beneficiary in a life insurance policy shall be forfeited
insurance policy shall be forfeited when the when the beneficiary is the principal, accomplice, or accessory in willfully bringing
beneficiary is the principal, accomplice, orabout the death of the insured. In such a case, the share forfeited shall pass on
accessory in willfully bringing about the death of to the other beneficiaries, unless otherwise disqualified. In the absence of other
the insured; in which event, the nearest relative ofbeneficiaries, the proceeds shall be paid in accordance with the policy contract. If
the insured shall receive the proceeds of saidthe policy contract is silent, the proceeds shall be paid to the estate of the insured.
insurance if not otherwise disqualified.
(Emphasis supplied.)
Section 50. The policy shall be in printed form SEC. 50. The policy shall be in printed form which may contain blank spaces; and
which may contain blank spaces; and any word,any word, phrase, clause, mark, sign, symbol, signature, number, or word
phrase, clause, mark, sign, symbol, signature, necessary to complete the contract of insurance shall be written on the blank
number, or word necessary to complete thespaces provided therein.
contract of insurance shall be written on the blank
Any rider, clause, warranty or endorsement purporting to be part of the contract of
spaces provided therein.
insurance and which is pasted or attached to said policy is not binding on the
Any rider, clause, warranty or endorsement
insured, unless the descriptive title or name of the rider, clause, warranty or
purporting to be part of the contract of insurance
endorsement is also mentioned and written on the blank spaces provided in the
and which is pasted or attached to said policy is
policy.
not binding on the insured, unless the descriptive
title or name of the rider, clause, warranty or
endorsement is also mentioned and written on the
blank spaces provided in the policy.
Unless applied for by the insured or owner, any rider, clause, warranty or
endorsement issued after the original policy shall be countersigned by the insured
or owner, which countersignature shall be taken as his agreement to the contents
insurance
and
group
annuity
however, may be typewritten and need not be inmay be prescribed by the Commissioner.
printed form.
(Emphasis supplied)
Section 64. No policy of insurance other than SEC. 64. No policy of insurance other than life shall be cancelled by the insurer
life shall be cancelled by the insurer except upon except upon prior notice thereof to the insured, and no notice of cancellation shall
prior notice thereof to the insured, and no notice be effective unless it is based on the occurrence, after the effective date of the
of cancellation shall be effective unless it is basedpolicy, of one or more of the following:
on the occurrence, after the effective date of the
(a) Nonpayment of premium;
policy, of one or more of the following:
(a) non-payment of premium;
(b) Conviction of a crime arising out of acts increasing the hazard insured against;
discovery
of
fraud
or
material
misrepresentation; lawphi1.net
(d)
discovery
of
willful
or
reckless
acts
or
violate or would place the insurer in violation of this Code. (Emphasis supplied)
Section 77. An insurer is entitled to payment of SEC. 77. An insurer is entitled to payment of the premium as soon as the thing
the premium as soon as the thing insured is insured is exposed to the peril insured against. Notwithstanding any agreement to
exposed
to
the
peril
insured
against.the contrary, no policy or contract of insurance issued by an insurance company is
Notwithstanding any agreement to the contrary, novalid and binding unless and until the premium thereof has been paid, except in the
policy or contract of insurance issued by an case of a life or an industrial life policy whenever the grace period provision
insurance company is valid and binding unless andapplies, or whenever under the broker and agency agreements with duly
until the premium thereof has been paid, except in licensed intermediaries, a ninety (90)-day credit extension is given. No
the case of a life or an industrial life policycredit extension to a duly licensed intermediary should exceed ninety (90)
whenever the grace period provision applies.
days from date of issuance of the policy.(Emphasis supplied)
SEC. 82. A person insured is entitled to a return of the premium when the contract
is voidable, and subsequently annulled under the provisions of the Civil Code; or on
Section 81. A person insured is entitled to return account of the fraud or misrepresentation of the insurer, or of his agent, or on
of the premium when the contract is voidable, on account of facts, or the existence of which the insured was ignorant of without his
account of fraud or misrepresentation of thefault; or when by any default of the insured other than actual fraud, the insurer
insurer, or of his agent, or on account of facts, the never incurred any liability under the policy.
existence of which the insured was ignorant A person insured is not entitled to a return of premium if the policy is
without his fault; or when by any default of the
annulled, rescinded or if a claim is denied by reason of fraud.
insured other than actual fraud, the insurer never
incurred any liability under the policy.
For
new
insurance
company: Increasing the
capitalization requirement
to
One
billion
pesos
(P1,000,000,000.00).
Section 188. Except as provided in section two SEC. 194. Except as provided in Section 289, no new domestic life or non-life
hundred eighty-one, no domestic insuranceinsurance company shall, in a stock corporation, engage in business in the
company shall, in a stock corporation, engage in Philippines unless possessed of a paid-up capital equal to at least One
business in the Philippines unless possessed of abillion pesos (P1,000,000,000.00): Provided, That a domestic insurance
paid-up capital stock equal to at least five company already doing business in the Philippines shall have a net worth by
For
Insurance
Already
Companies
Doing
Insurance
calling
for
the
Payment of Surplus
Fund
2.
Requirement
submit
the
to
companies
to
Increase
the
million
pesos; Provided,
That
a domesticJune 30, 2013 of Two hundred fifty million pesos (P250,000,000.00).
insurance company already doing business in Furthermore, said company must have by December 31, 2016, an
the Philippines with a paid-up capital stock additional Three hundred million pesos (P300,000,000.00) in net worth;
which is less than five million pesos shall by December 31, 2019, an additional Three hundred fifty million pesos
have a paid-up capital stock of at least three(P350,000,000.00) in net worth; and by December 31, 2022, an additional
million pesos by December thirty-one, nineteenFour hundred million pesos (P400,000,000.00) in net worth.
hundred seventy-eight,four million pesos by
The Commissioner may, as a pre-licensing requirement of a new insurance
December thirty-one, nineteen hundred seventynine and five million pesos by December thirty-company, in addition to the paid-up capital stock, require the stockholders to
one, nineteen hundred eighty; Provided, further,pay in cash to the company in proportion to their subscription interests a
that the Secretary of Finance may, upon
recommendation of the Insurance Commissioner,contributed surplus fund of not less than One hundred million pesos
increase such minimum paid-up capital stock(P100,000,000.00). He may also require such company tosubmit to him
requirement, under such terms and conditions as
he may impose, to an amount which, in his a business plan showing the companys estimated receipts and
opinion, would reasonably assure the safety of thedisbursements, as well as the basis therefor, for the next succeeding three
interests of the policyholders and the public.
(3) years.
The Commissioner may, as a pre-licensing
If organized as a mutual company, in lieu of such net worth, it must have available
requirement of a new insurance company, in
total members equity in an amount to be determined by the Insurance Commission
addition to the paid-up capital stock, require the
above all liabilities for losses reported; expenses, taxes, legal reserve, and
stockholders to pay in cash to the company in
reinsurance of all outstanding risks, and the contributed surplus fund equal to the
proportion to their subscription interests a
amounts required of stock corporations. A stock insurance company doing business
contributed surplus fund of not less than one
in the Philippines may, subject to the pertinent law and regulation which now or
million pesos, in the case of a life insurance
hereafter may be in force, alter its organization and transform itself into a mutual
company, or not less than five hundred thousand
insurance company.
pesos, in the case of an insurance company other
than life. He may also require such company to
submit to him a business plan showing the
companys estimated receipts and disbursements,
as
well
as the
basis
therefor, for
the
next
The Secretary
of
Finance
may,
upon
recommendation
of
the
If organized as a mutual company, in lieu of such interests of the policyholders and the public.The minimum paid-up capital and
capital stock, it must have available cash assets of net worth requirement must remain unimpaired for the continuance of the license.
at least five million pesos above all liabilities forThe Commissioner may require the adoption of the risk-based capital approach and
losses reported, expenses, taxes, legal reserve, other internationally accepted forms of capital framework.
and reinsurance of all outstanding risks, and the For the purpose of this section, net worth shall consist of:
contributed surplus fund equal to the amounts
required of stock corporations. A stock insurance (a) Paid-up capital;
company doing business in the Philippines may,
subject to the pertinent law and regulations which (b) Retained earnings;
now are of hereafter may be in force, alter its
organization and transform itself into a mutual(c) Unimpaired surplus; and
insurance company. (As amended by Presidential
Decree No. 1455). (Emphasis supplied.)
Commission (SEC) and other agencies which the President may designate shall
conduct
the
review
to the
President to
adopt
for
SEC. 375. The termbancassurance shall mean the presentation and sale to
bank customers by an insurance company of its insurance products within
the premises of the head office of such bank duly licensed by the Bangko
Sentral ng Pilipinas or any of its branches under such rules and regulations which
the Commissioner and the Bangko Sentral ng Pilipinas may promulgate. To
engage in bancassurance arrangement, a bank is not required to have
equity ownership of the insurance company. No insurance company shall