Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service
Republic Act No. 1377, enacted on June 18, 1955, amends Section 20 of Commonwealth Act No. 186 regarding the Government Service Insurance System. It designates the Auditor General and the Secretary of Justice as the ex-officio Auditor and Legal Adviser, respectively, requiring annual audited financial statements and actuarial examinations of the System. Additionally, it mandates that the Insurance Commissioner conduct examinations every two years, with reports submitted to the Board, Congress, and the Office of the President. The System is responsible for covering the examination costs incurred by the Insurance Commissioner’s office. This Act took effect upon its approval.
Quick Answers
- What is Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service about?
- Republic Act No. 1377, enacted on June 18, 1955, amends Section 20 of Commonwealth Act No. 186 regarding the Government Service Insurance System. It designates the Auditor General and the Secretary of Justice as the ex-officio Auditor and Legal Adviser, respectively, requiring annual audited financial statements and actuarial examinations of the System. Additionally, it mandates that the Insurance Commissioner conduct examinations every two years, with reports submitted to the Board, Congress, and the Office of the President. The System is responsible for covering the examination costs incurred by the Insurance Commissioner’s office. This Act took effect upon its approval.
- What type of law is Republic Act No. 1377?
- Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service (Republic Act No. 1377) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service enacted?
- Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service (Republic Act No. 1377) was enacted on Jun 18, 1955.
- What is the citation for Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service?
- Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service, Republic Act No. 1377, Jun 18, 1955 (Philippines)
Law Information
- Reference Number
- Republic Act No. 1377
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1955
REPUBLIC ACT NO. 1377
AN ACT TO AMEND SECTION TWENTY OF COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX, AS AMENDED BY REPUBLIC ACT NUMBERED SIX HUNDRED SIXTY, ENTITLED "AN ACT TO CREATE AND ESTABLISH A 'GOVERNMENT SERVICE INSURANCE SYSTEM' TO PROVIDE FOR ITS ADMINISTRATION AND TO APPROPRIATE THE NECESSARY FUNDS THEREFOR."
Section twenty of Commonwealth Act Numbered One hundred eighty-six, as amended by Republic Act Numbered Six hundred sixty, is hereby amended to read as follows: cdt
"SEC. 20. Auditing and legal service. — The Auditor General and the Secretary of Justice shall be the ex-officio Auditor and Legal Adviser of the System, respectively. The Auditor General, or his authorized representative, shall submit to the Board soon after the close of each fiscal year, audited statements showing the financial condition and progress of the System for the fiscal year just closed, and the Actuary shall make, as of the end of each fiscal year, an actuarial examination and valuation of the System: Provided, however, That the Insurance Commissioner or his authorized representatives shall make an examination into the financial condition and methods of transacting business of the system at least once in two years and the report of said examination shall be submitted to the board and copies thereof be furnished the Congress and the Office of the President of the Philippines within a reasonable time after the close of the examination: And provided, finally, That for each examination the system shall apply to the Office of the Insurance Commissioner an amount equal to the actual expenses of said office in the conduct of the examination, including the salaries of the examiners and of the actuary of said office who have been assigned to make such examination for the actual time spent in said examination." acd
SECTION 2. This Act shall take effect upon its approval.
Approved: June 18, 1955
Published in the Official Gazette, Vol. 51, No. 9, p. 4450 in September 1955
Cite This Law
Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service, Republic Act No. 1377, Jun 18, 1955 (Philippines)
Amending C.A. No. 186 (Government Service Insurance Act) Re: Auditing and Legal Service, Republic Act No. 1377 (Phil. 1955)
Related Laws
- Amending C.A. No. 186 (Government Service Insurance Act)Republic Act No. 1573 • Jun 16, 1956 • Statutes
- Government Service Insurance ActCommonwealth Act No. 186 • Nov 14, 1936 • Statutes
- Amendment to C.A. No. 186 (Government Service Insurance Act)Republic Act No. 3836 • Jun 22, 1963 • Statutes
- Amendment to C.A. No. 186 (Government Service Insurance System)Republic Act No. 660 • Jun 16, 1951 • Statutes
- Government Service Insurance System Act of 1997Republic Act No. 8291 • May 30, 1997 • Statutes
- Amendment to C.A. No. 186, as amended Re: Optional InsuranceRepublic Act No. 4781 • Jun 18, 1966 • Statutes
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