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PHILIPPINE LAWS, STATUTES & CODES
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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 33 -
PRESCRIBING GUIDELINES FOR THE INSURANCE OF ALL PROPERTIES, CONTRACTS,
RIGHTS OF ACTION AND OTHER INSURANCE RISKS OF THE GOVERNMENT, INCLUDING
THOSE IN WHICH THE GOVERNMENT HAS AN INSURABLE INTEREST, WITH THE
GENERAL INSURANCE FUND OF THE GOVERNMENT SERVICE INSURANCE SYSTEM
WHEREAS, under Republic Act No. 656, as
amended, the Government, except a municipal government below first
class, is required to insure its properties with the General Insurance
Fund against any insurable risk;
WHEREAS, notwithstanding the said requirement, there are still
properties owned by government agencies and their subsidiaries which
are not insured with the General Insurance Fund; or which are insured
with private insurance companies; or which, while covered by the Fund,
are not insured adequately.
WHEREAS, the aforesaid practices deny the government agencies adequate
and reliable protection against any damage to, or loss of their
properties and deprive the General Insurance Fund of substantial
premium income that should have formed part of the Fund;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by
virtue of the powers vested in me by law, do hereby order:
Section 1.
As used in this section, "insurable interest" means every interest in
property, whether real or personal, or any relation thereto, or
liability in respect thereof, of such nature that a contemplated peril
might directly damnify the insured. Accordingly, the insurable interest
of government parent, subsidiary and acquired asset corporations,
including government financial institutions, as these corporations are
defined in Presidential Decree No. 2029, shall also extend to their
physical assets which by declared policy of the government are required
to be privatized.
Sec. 2.
Sec. 3.
Done in the City of Manila,
this 25th day of August, the year of Our Lord, nineteen hundred and
eighty-seven.
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