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A collection of Philippine laws, statutes and codes not included or cited in the main indices of theChan Robles Virtual Law Library This page features the full text of Presidential Decree No. 1814 AMENDING CERTAIN SECTIONS OF PRESIDENTIAL DECREE NO. 1460, OTHERWISE KNOWN AS THE INSURANCE CODE..chan robles virtual law library
.chan robles virtual law libraryWHEREAS, Presidential Decree No. 1460, otherwise known as the Insurance Code, was promulgated primarily to promote and develop a strong national insurance industry and to provide the necessary operating conditions for its integration in the economic and social development of the Philippines; .chanrobles virtual law library \.chanrobles virtual law library WHEREAS, the prevailing economic conditions necessitate the amendment of said Decree to ensure the due execution and performance of insurance contracts in the interests of the sound development of the national economy; .chanrobles virtual law library WHEREAS, there is a need to amend the said Decree to further assure reasonable insurance services for the protection of the interests of the policy holders and the public. .chanrobles virtual law library NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the amendment of Presidential Decree No. 1460 otherwise known as the Insurance Code, as follows: Section 1. Section 305, Title I, Chapter IV, of Presidential Decree No. 1460 otherwise known as the Insurance Code is hereby amended to read as follows: .chanrobles virtual law library "Sec. 305. An application for the issuance or renewal of a license to act as an insurance agent or insurance broker may be refused, or such license, if already issued or renewed, shall be suspended or revoked if the Commissioner finds that the application for, or holder of, such license: .chanrobles virtual law library
(a) has willfully violated any provision of this Code; or In addition to the foregoing causes, no license to act as insurance agent or insurance broker shall be renewed if the holder thereof has not been actively engaged as such agent or broker in accordance with such rules as the commissioner may prescribe. Sec. 2. Paragraph (c) of Section 373, Chapter VI, of Presidential Decree No. 1460, otherwise known as the Insurance Code is hereby amended to read as follows: .chanrobles virtual law library "(c) `Third Party' is any person other than a passenger as defined in this section and shall also exclude a member of the household, or a member of the family within the second degree of consanguinity or affinity, of a motor vehicle owner or land transportation operator, as likewise defined herein, or his employee in respect of death or bodily injury, arising out of and in the course of employment;" Sec. 3. Paragraph (f) of Section 373 of the same Decree is hereby amended to read as follows: .chanrobles virtual law library
"(f) `Insurance Policy' or `Policy' refers to a contract of insurance against passenger and third-party liability for death of bodily injuries arising from motor vehicle accidents." Sec. 4. Section 374 of the same Decree is hereby amended to read as follows:
"Sec. 374. It shall be unlawful for any land transportation operator or owner of a motor vehicle to operate the same in the public highways unless there is in force in relation thereto a policy of insurance or guaranty in cash or surety bond issued in accordance with the provisions of this chapter to indemnify the death or bodily injury of a third party or passenger, as the case may be, arising from the use thereof." Sec. 5. Section 377 of the same Decree is hereby amended to read as follows:
"Sec. 377. 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 an insurance company authorized by the Commissioner or make a cash deposit in such amount as herein required as limit of liability for purposes specified in section three hundred seventy-four. .chanrobles virtual law library Sec. 6. Section 379 of the same Decree is hereby amended to read as follows: .chanrobles virtual law library
"Sec. 379. No land transportation operator or owner of motor vehicle shall be unreasonably denied the policy of insurance or surety bond required by this chapter the insurance companies authorized to issue the same, otherwise, the Land Transportation Commission shall require from said land transportation operator or owner of the vehicle, in lieu of a policy of insurance or surety bond, a certificate that a cash deposit has been made with the Commissioner in such amount required as limits of indemnity in section three hundred seventy-seven to answer for the passenger and/or third-party liability of such land transportation operator or owner of the vehicle. Sec. 7. Section 348 of the same Decree is hereby amended to read as follows: .chanrobles virtual law library
"Sec. 384. Any person having any claim upon the policy issued pursuant to this chapter shall, without any unnecessary delay, present to the insurance company concerned a written notice of claim setting forth the nature, extent and duration of the injuries sustained as certified by a duly licensed physician. Notice of claim must be filed within six months from date of the accident, otherwise, the claim shall be deemed waived. Action or suit for recovery of damage due to injury must be brought with the Commissioner or the Courts within one year from date of accident, otherwise, the claimant's right of action shall prescribe..chanrobles virtual law library Sec. 8. All laws, decrees, rules and regulations which are inconsistent herewith are hereby repealed or modified accordingly. Sec. 9. This Decree shall take effect immediately. .chanrobles virtual law library Done in the City of Manila, this 16th day of January, in the year of Our Lord, nineteen hundred and eighty-one..chanrobles virtual law library
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