An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands"
Act No. 2867, enacted on March 14, 1919, amends previous insurance legislation in the Philippines by imposing stricter requirements on foreign insurance companies wishing to operate in the country. It mandates that these companies must have a paid-up unimpaired capital or assets equivalent to those required of domestic firms and must deposit securities valued at one hundred thousand pesos with the Insurance Commissioner. At least fifty percent of these securities must be from the Philippines. The act aims to enhance the security of policyholders and creditors within the Philippine insurance market. The law is set to take effect on January 1, 1920.
Quick Answers
- What is An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands" about?
- Act No. 2867, enacted on March 14, 1919, amends previous insurance legislation in the Philippines by imposing stricter requirements on foreign insurance companies wishing to operate in the country. It mandates that these companies must have a paid-up unimpaired capital or assets equivalent to those required of domestic firms and must deposit securities valued at one hundred thousand pesos with the Insurance Commissioner. At least fifty percent of these securities must be from the Philippines. The act aims to enhance the security of policyholders and creditors within the Philippine insurance market. The law is set to take effect on January 1, 1920.
- What type of law is Act No. 2867?
- An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands" (Act No. 2867) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands" enacted?
- An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands" (Act No. 2867) was enacted on Mar 14, 1919.
- What is the citation for An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands"?
- An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands", Act No. 2867, Mar 14, 1919 (Philippines)
Law Information
- Reference Number
- Act No. 2867
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 14, 1919
ACT NO. 2867
AN ACT TO AMEND ACT NUMBERED TWENTY-FOUR HUNDRED AND TWENTY-SEVEN, ENTITLED "AN ACT REVISING THE INSURANCE LAWS AND REGULATING INSURANCE BUSINESS IN THE PHILIPPINE ISLANDS"
SECTION 1. Section one hundred and seventy-eight of Act Numbered Twenty-four hundred and twenty-seven, entitled "An Act revising the insurance laws and regulating insurance business in the Philippine Islands," is hereby amended to read as follows:
"SEC. 178. No foreign insurance company shall engage in business in the Philippines unless possessed of paid up unimpaired capital or assets and reserve not less than that herein required of domestic insurance companies; and no insurance company organized or existing under the government or laws other than those of the Philippines or any state of the United States shall engage in business in the Philippines until it shall have deposited with the Insurance Commissioner for the benefit and security of its policy holders and creditors in the Philippines securities, satisfactory to the Insurance Commissioner consisting of bonds of the Government of the United States or of the Government of the Philippines or of any of the branches or political subdivisions of the Philippines authorized by law to issue bonds, or of the government in which such company is organized, or other good securities to the actual market value of one hundred thousand pesos: Provided, That at least fifty per centum of the securities or bonds shall consist of securities of the Philippines: And provided, further, That it shall be a sufficient compliance with the provisions of this section if the deposit herein required be made with the Chief of the Bureau of Insular Affairs of the War Department at Washington or with a safe deposit company designated by that officer, which company shall agree to hold the securities so deposited subject to the control of the Chief of the Bureau of Insular Affairs as the representative of the insurance commissioner of the Philippines." ETHIDa
SECTION 2. This Act shall take effect on January first, nineteen hundred and twenty.
Approved, March 14, 1919.
Cite This Law
An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands", Act No. 2867, Mar 14, 1919 (Philippines)
An Act to Amend Act Numbered Twenty-Four Hundred and Twenty-Seven, Entitled "An Act Revising the Insurance Laws and Regulating Insurance Business in the Philippine Islands", Act No. 2867 (Phil. 1919)
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