BFI FINALZ M3

PRIVATE INSURANCE COMPANIES

RISK

most important factor in the business of insurance.

If this does not exist, there is no need for insurance.

Insurance Company

a financial institution that provides a range of

insurance policies to protect individuals and

businesses against the risks of financial losses in

return for regular payments of premiums.

“General Banking Act” Sec. 3 RA No. 337

Insurance companies are

exempted from the provisions of

this Act, but such companies

shall present to the Bangko

Sentral such information, data or

reports as the Monetary Board

may require I order to ascertain

effects of the operations of

insurance companies on the

monetary , credit and exchange

situation in the Philippines.

“ Investment Company Act” Sec. 3 RA No. 2629

One whose primary and

predominant business activity I

the writing of insurance or the

reinsuring of risks underwritten

by insurance companies and

subject to supervision by the

insurance commissioner, or any

receiver or similar official or any

liquidating agent for a company ,

in his capacity as such.

Insurance Code of 1978 or Presidential Decree No. 1460.

-The principal law to

reckon with in the

operations and

business transactions

of insurance

companies.

Presidential Decree No. 1146

• Revised

Government

Service

Insurance Act

of 1977

• other special

law creating the

Government

Service

Insurance

System (GSIS).

Republic Act No. 1161

• amended as

Social

Security Act

• other special

law creating

the Social

Security

System (SSS)

Presidential Decree No. 1467

• other special law

creating the

Philippine Crop

Insurance

Corporation (PCIC),

• respectively ,

Corporation Code

of the Philippines

(Batas Pambansa

Blg. 68) likewise,

considered also as

“other special laws”

Certificate of Authority (COA)

Is a license issued by the state to an insurance

company that allows the company to conduct

its business.