Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner
On January 23, 2007, the Office of the Court Administrator issued a circular regarding the reinstatement of a Cease and Desist Order against South Sea Surety & Insurance Company, Inc. This action follows the company's unsuccessful attempt to secure a preliminary injunction from the Court of Appeals, which led to the order being effective as of December 5, 2006. Consequently, South Sea is prohibited from issuing any new or renewal insurance policies or bonds. All concerned courts are directed to observe this order until further notice.
Quick Answers
- What is Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner about?
- On January 23, 2007, the Office of the Court Administrator issued a circular regarding the reinstatement of a Cease and Desist Order against South Sea Surety & Insurance Company, Inc. This action follows the company's unsuccessful attempt to secure a preliminary injunction from the Court of Appeals, which led to the order being effective as of December 5, 2006. Consequently, South Sea is prohibited from issuing any new or renewal insurance policies or bonds. All concerned courts are directed to observe this order until further notice.
- What type of law is OCA Circular No. 04-07?
- Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner (OCA Circular No. 04-07) is a Philippine Supreme Court Issuances enacted by the Congress of the Philippines.
- When was Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner enacted?
- Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner (OCA Circular No. 04-07) was enacted on Jan 23, 2007.
- What is the citation for Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner?
- Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner, OCA Circular No. 04-07, Jan 23, 2007 (Philippines)
Law Information
- Reference Number
- OCA Circular No. 04-07
- Date Enacted
- Category
- Supreme Court Issuances
- Subcategory
- Office of the Court Administrator Circulars
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 23, 2007
OCA CIRCULAR NO. 04-07
| TO | : | The Court of Appeals, Sandiganbayan, Court of Tax Appeals, Regional Trial Courts, Metropolitan Trial Courts, Municipal Trial Courts in Cities, Municipal Trial Courts, Municipal Circuit Trial Courts, Shari'a District Courts and Shari'a Circuit Courts |
| SUBJECT | : | Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Company, Inc. by the Insurance Commissioner. |
For the Information and guidance of all concerned, quoted hereunder is the letter dated 17 January 2007 of Hon. Evangeline Crisostomo Escobillo, Insurance Commissioner, Insurance Commission, 1071 United Nations Avenue, Manila, relative to the reinstatement of the Cease and Desist Order against South Sea Surety & Insurance Company, Inc., to wit:
January 17, 2007
Honorable Christopher O. LockCourt AdministratorOffice of the Court AdministratorSupreme Court of the Philippines
Manila
Re: South Sea Surety & Insurance, Co., Inc.
Dear Honorable Lock
Following our letter to you dated September 27, 2006 relative to subject company, copy enclosed for ready reference, please be advised that on September 25, 2006, the company filed with the Honorable Court of Appeals, a Petition for Certiorari with Prayer for Immediate Issuance of a Temporary Restraining Order or Writ of Preliminary Prohibitory Injunction. On October 4, 2006, the Honorable Court of Appeals issued a Temporary Restraining order valid for sixty (60) days, or until December 4, 2006. The company subsequently filed a Motion for the Issuance of a Writ of Preliminary Injunction but the same was denied in a Resolution promulgated on December 11, 2006. In effect, the earlier cease and desist order issued by this Commission was reinstated since December 5, 2006. Hence, the company is no longer authorized to issue any new or renewal policy and/or bond thereafter.
For your proper guidance.
Very truly yours,
(Signed) EVANGELINE CRISOSTOMO ESCOBILLOInsurance Commissioner
In this connection, you are hereto enjoined to strictly observe the aforementioned order until further notice from this Court.
23 January 2007.
(SGD.) CHRISTOPHER O. LOCKCourt Administrator
Cite This Law
Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner, OCA Circular No. 04-07, Jan 23, 2007 (Philippines)
Reinstatement of the Cease and Desist Order Issued Against South Sea Surety & Insurance Co., Inc. by the Insurance Commissioner, OCA Circular No. 04-07 (Phil. 2007)
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