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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 141 -
PRESCRIBING GUIDELINES FOR THE INSURANCE OF ALL PROPERTIES, CONTRACTS,
RIGHTS OF ACTION, AND OTHER INSURANCE RISKS OF THE GOVERNMENT IN
PRIVATIZED CORPORATIONS, AS WELL AS BUILD-OPERATE-AND-TRANSFER PROJECTS
WHEREAS, under Republic Act No. 656, as
amended, properties, assets, and interests of the Government are
required to be insured with the General Insurance Fund, as administered
by the Government Service Insurance System, against any insurable risk;
WHEREAS, notwithstanding the said requirement, there are still
properties and assets and interests of the government, including those
in the privatized corporations and BOT projects, where the government
has or retains interests, which are not insured with the General
Insurance Fund, or which are insured with private insurance companies;
WHEREAS, said practice is in contravention of existing laws and
deprives not only the GSIS of substantial premium income, which will
ultimately redound to the benefit of its 1.5 million members but also
the government, of adequate and reliable insurance protection to its
properties, assets, and interests;
WHEREAS, the GSIS having more than sufficient assets and funds to cover
high value properties is the largest insurance institution of the
Philippines as seen in its General Insurance arm and has already
acquired the necessary name, fame and reputation as an insurance
enterprise;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by
virtue of the powers vested in me by the law, do hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
(b)
(c)
Sec. 5.
Sec. 6.
DONE in the City of Manila,
this 12th day of August in the year of Our Lord, nineteen hundred and
ninety four.
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Since 19.07.98.