(c) Findings must be adequately supported by evidence in the audit working papers.
5455, as amended, be further subject to the provisions of said law.
Any insurance company doing business in the Philippines bissell easy sweep electric sweeper desiring to cede their excess risks to foreign insurance or reinsurance companies not authorized to transact business in the Philippines may do so under the following (1) Except in facultative reinsurance and excess of loss covers, the.
The restraining order or injunction shall be refused or, if granted, shall be dissolved upon filing by the Commissioner, if he so desires, of a bond in an amount twice the amount of the bond of the petitioner or plaintiff conditioned that it will pay.Audit reports shall meet the following reporting criteria: (a) Factual matter must be accurately, completely and fairly presented.Should any provision of this Code or any part thereof be declared invalid, the other provisions, so far as they are separable from the invalid one, shall remain in force and effect.Beneficiaries under unmatured contracts shall not as such be deemed to be policyholders; (5) Filed with the Commissioner after having been approved as provided in this section.At no instance should money in the hands of the collecting officer be utilized for the purpose of encashing private checks.The aggregate book value of the investments of any such company in all such projects shall not exceed at the time of such investments twenty five per centum of the total admitted assets of such company on the thirty-first day of December next preceding; (b).Notwithstanding any agreement to the contrary, no policy or contract of insurance issued by an insurance company is valid and binding unless and until the premium thereof has been paid, except in the case of a life or an industrial life policy whenever the grace.For purposes of this Code, the term "insurer" or "insurance company" shall include all individuals, partnerships, associations, or corporations, including government-owned or controlled corporations or entities, engaged as principals in the insurance business, excepting mutual benefit associations.Title 7 warranties Sec.Title 11 claims settlement Sec.(2) Every registrant shall furnish the Commissioner with the following information concerning its holding company: (a) a copy of its charter or articles of incorporation and its by-laws, (b) the identities of its principal shareholders, officers, directors and controlled persons, and (c) information.The legal reserve therein required to be set aside shall be invested only in the classes of the Philippine securities described in section two hundred: Provided, however, That no investment in stocks or bonds of any single entity shall, in the aggregate exceed twenty per.
Every land transportation operator and every owner of a motor vehicle shall, before applying for the registration or renewal of registration of any motor vehicle, at his option, either secure an insurance policy or surety bond issued by any insurance company authorized by the Commissioner.
Such license shall be issued by the Commissioner only upon the written application of the person desiring it, such application if for a license to act as insurance agent, being approved and countersigned by the company such person desires to represent, and shall be upon.
A foreign insurance company doing business in the Philippines, upon payment of the fee hereinafter prescribed and surrender to the Commissioner of its certificate of authority, may apply to withdraw from the Philippines.(d) Contain appropriate supplementary explanatory information about the contents of the financial report as may be necessary for full and informative disclosure about the financial operations of the agency audited.Investigatory and inquisitorial powers; power to punish for contempt.In any case where a policy or contract names two or more persons as joint insured, payees, owners or holders thereof, the persons so named shall be deemed collectively to be one policyholder for the purpose of this chapter.The measure of an insurable interest in property is the extent to which the insured might be damnified by loss or injury thereof.To develop and implement a comprehensive audit program that shall encompass an examination of financial transactions, accounts, and reports, including evaluation of compliance with applicable laws and regulations;.A breach of warranty without fraud merely exonerates an insurer from the time that it occurs, or where it is broken in its inception, prevents the policy from attaching to the risk.No life insurance company shall be licensed to do business in the Philippines nor shall any life insurance company doing business in the Philippines be allowed to continue doing such business unless they shall engage the services of an actuary duly accredited with the Commissioner.