Article 38p. 38

COMMERCIAL LAWS NEGOTIABLE INSTRUMENTS, CORPORATION, INSURANCE, TRANSPORTATION, BANKING

germane to the realization and promotion of business

and industry.

SECTION 141. Annual Report of Corporations . —

Every corporation, domestic or foreign, lawfully doing

business in the Philippines, shall submit to the Securities

and

Exchange

Commission

an

annual

report

of its

operations, together with a financial statement of its

assets

and

liabilities,

certified

by

any

independent

certified public accountant in appropriate cases, covering

the preceding fiscal year and such other requirements as

the Securities and Exchange Commission may require.

Such report shall be submitted within such period as may

be

prescribed

by

the

Securities

and

Exchange

Commission. (n) i

SECTION 142. Confidential Nature of Examination

Results .

—

All

interrogatories

propounded

by

the

Securities and Exchange Commission and the answers

thereto, as well as the results of any examination made by

the Commission or by any other official authorized by law

to make an examination of the operations, books and

records

of

any

corporation,

shall

be

kept

strictly

confidential, except insofar as the law may require the

same to be made public or where such interrogatories,

answers or results are necessary to be presented as

evidence before any court. (n)

SECTION 143. Rule-making Power of the Securities

and

Exchange

Commission .

—

The

Securities

and

Exchange

Commission

shall

have

the

power

and

authority to implement the provisions of this Code, and to

promulgate rules and regulations reasonably necessary

to enable it to perform its duties hereunder, particularly in

the prevention of fraud and abuses on the part of the

controlling stockholders, members, directors, trustees or

officers. (n)

SECTION 144. Violations of the Code. — Violations of

any of the provisions of this Code or its amendments not

otherwise

specifically

penalized

therein

shall

be

punished by a fine of not less than one thousand

(P1,000.00)

pesos

but not more than ten thousand

(P10,000.00) pesos or by imprisonment for not less than

thirty (30) days but not more than five (5) years, or both,

in the discretion of the court. If the violation is committed

by

a

corporation,

the same may, after notice and

hearing, be dissolved in appropriate proceedings before

the Securities and Exchange Commission: Provided , That

such dissolution shall not preclude the institution of

appropriate action against the director, trustee or officer

of the corporation responsible for said violation: Provided ,

further , That nothing in this section shall be construed to

repeal the other causes for dissolution of a corporation

provided in this Code. (190-1/2a)

SECTION 145. Amendment or Repeal . — No right or

remedy

in

favor

of

or

against

any

corporation,

its

stockholders, members, directors, trustees, or officers, nor

any

liability

incurred

by

any

such

corporation,

stockholders, members, directors, trustees, or officers,

shall be removed or impaired either by the subsequent

dissolution of said corporation or by any subsequent

amendment or repeal of this Code or of any part thereof.

(n)

SECTION

146.

Repealing

Clause .

—

Except

as

expressly provided by this Code, all laws or parts thereof

inconsistent with any provision of this Code shall be

deemed repealed. (n)

SECTION 147. Separability of Provisions . — Should

any provision of this Code or any part thereof be declared

invalid or unconstitutional, the other provisions, so far as

they are separable, shall remain in force. (n)

SECTION 148. Applicability to Existing Corporations .

— All corporations lawfully existing and doing business in

the Philippines on the date of the effectivity of this Code

and heretofore authorized, licensed or registered by the

Securities and Exchange Commission, shall be deemed to

have been authorized, licensed or registered under the

provisions

of

this

Code,

subject

to

the

terms

and

conditions of its license, and shall be governed by the

provisions

hereof:

Provided ,

That

where

any

such

corporation is affected by the new requirements of this

Code, said corporation shall, unless otherwise herein

provided, be given a period of not more than two (2) years

from the effectivity of this Code within which to comply

with the same. (n)

SECTION 149. Effectivity . — This Code shall take effect

immediately upon its approval.

Approved: May 1, 1980

Published in the Official Gazette, Vol. 76 No. 29 Page

4955 on July 21, 1980.

(Corporation Code of the Philippines, Batas

Pambansa Blg. 68, [May 1, 1980])

RA No 10607 | The Insurance Code

August 15, 2013

REPUBLIC ACT NO. 10607

AN

ACT

STRENGTHENING

THE

INSURANCE

INDUSTRY,

FURTHER

AMENDING

PRESIDENTIAL

DECREE

NO.

612 ,

OTHERWISE

KNOWN

AS

THE

INSURANCE CODE, AS AMENDED BY PRESIDENTIAL

DECREE NOS. 1141, 1280, 1455, 1460, 1814 AND 1981, AND

BATAS

PAMBANSA

BLG.

874,

AND

FOR

OTHER

PURPOSES

General Provisions

SECTION 1. This Decree shall be known as 'The

Insurance Code'.

SECTION 2. Whenever used in this Code, the following

terms shall have the respective meanings hereinafter set

forth or indicated, unless the context otherwise requires:

(a) A contract of insurance is an agreement whereby

one undertakes for a consideration to indemnify another

against loss, damage or liability arising from an unknown

or contingent event.

A contract of suretyship shall be deemed to be an

insurance contract, within the meaning of this Code, only

if made by a surety who or which, as such, is doing an

insurance business as hereinafter provided.

(b)

The

term

doing

an

insurance

business

or

transacting an insurance business , within the meaning

of this Code, shall include:

(1) Making or proposing to make, as insurer, any

insurance contract;

(2) Making or proposing to make, as surety, any

contract of suretyship as a vocation and not as merely

incidental to any other legitimate business or activity of

the surety;

(3)

Doing

any

kind

of

business,

including

a

reinsurance

business,

specifically

recognized

as

constituting the doing of an insurance business within

the meaning of this Code;

(4)

Doing

or

proposing

to

do

any

business

in

substance equivalent to any of the foregoing in a manner

designed to evade the provisions of this Code.

In the application of the provisions of this Code, the

fact

that

no

profit

is

derived

from the making of

insurance contracts, agreements or transactions or that

no separate or direct consideration is received therefor,

shall not be deemed conclusive to show that the making

thereof does not constitute the doing or transacting of an

insurance business.

(c) As used in this Code, the term Commissioner

means the Insurance Commissioner.

© Compiled by RGL

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