Payment of the Life Insurance Policies Issued by the Government Insurance System
Commonwealth Act No. 706, enacted on November 1, 1945, ensures that all life insurance policies issued by the Government Service Insurance System (GSIS) as of December 31, 1941, remain in force despite nonpayment of premiums. Policies that have matured by death or other circumstances are payable to the insured or beneficiaries, provided that all due premiums and obligations are collected. The Act allocates four million pesos from the National Treasury to fulfill its provisions, contingent upon certification of available funds by the Secretary of Finance and the Auditor General. The Act is effective upon its approval.
Quick Answers
- What is Payment of the Life Insurance Policies Issued by the Government Insurance System about?
- Commonwealth Act No. 706, enacted on November 1, 1945, ensures that all life insurance policies issued by the Government Service Insurance System (GSIS) as of December 31, 1941, remain in force despite nonpayment of premiums. Policies that have matured by death or other circumstances are payable to the insured or beneficiaries, provided that all due premiums and obligations are collected. The Act allocates four million pesos from the National Treasury to fulfill its provisions, contingent upon certification of available funds by the Secretary of Finance and the Auditor General. The Act is effective upon its approval.
- What type of law is Commonwealth Act No. 706?
- Payment of the Life Insurance Policies Issued by the Government Insurance System (Commonwealth Act No. 706) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Payment of the Life Insurance Policies Issued by the Government Insurance System enacted?
- Payment of the Life Insurance Policies Issued by the Government Insurance System (Commonwealth Act No. 706) was enacted on Nov 1, 1945.
- What is the citation for Payment of the Life Insurance Policies Issued by the Government Insurance System?
- Payment of the Life Insurance Policies Issued by the Government Insurance System, Commonwealth Act No. 706, Nov 1, 1945 (Philippines)
Law Information
- Reference Number
- Commonwealth Act No. 706
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 1, 1945
COMMONWEALTH ACT NO. 706
AN ACT PROVIDING FOR THE PAYMENT OF THE LIFE INSURANCE POLICIES ISSUED BY THE GOVERNMENT INSURANCE SYSTEM AND APPROPRIATING FUNDS THEREFOR
SECTION 1. Each and every life insurance policy issued by the Government Service Insurance System to its members which was in force as of December thirty-fist, nineteen hundred and forty-one, is hereby considered and declared in force notwithstanding the nonpayment of premiums, and any policy which matured by death or otherwise shall become payable to the insured or his beneficiaries: Provided, That all premiums, interests and other obligations due and payable to the Government Service Insurance System shall be collected: And provided, further, That in the case of an optional policy or of a membership policy the continuance of which is no longer compulsory, the policy shall not continue in force after the expiration of sixty days from the date of the approval of this Act, unless it has sufficient cash value or the insured pays at least the amounts necessary to continue said policy in accordance with the provisions thereof and/or the regulations of the Government Service Insurance Board. IDTHcA
SECTION 2. To carry out the purposes of this Act, there is appropriated out of any funds in the National Treasury not otherwise appropriated for other purposes, the sum of four million pesos.
SECTION 3. The funds herein appropriated shall not be released unless and until the Secretary of Finance and the Auditor General shall have certified to the President that there are existing and available funds in the National Treasury in excess of the sums appropriated in the General Appropriation Law for the fiscal year ending June thirtieth, nineteen hundred and forty-six, and the priority appropriations established by law: Provided, That the President may order the release in full or in installments of the funds herein authorized as the Secretary of Finance and the Auditor General may certify to their existence and availability.
SECTION 4. This Act shall take effect upon its approval.
Approved, November 1, 1945.
Cite This Law
Payment of the Life Insurance Policies Issued by the Government Insurance System, Commonwealth Act No. 706, Nov 1, 1945 (Philippines)
Payment of the Life Insurance Policies Issued by the Government Insurance System, Commonwealth Act No. 706 (Phil. 1945)
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