Article 84p. 84

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

For each certificate of registration issued to a non-life

company underwriter, Fifty pesos (P50.00).

For

each

license

issued

to

a

mutual

benefit

association, Ten pesos (P10.00).

For each certificate of registration issued to a trust for

charitable uses, Ten pesos (P10.00).

All certificates of authority and all other licenses, as

well as all certificates of registration, issued to any person,

partnership,

association

or

corporation

under

the

pertinent provisions of this Code for which no expiration

date has been prescribed, shall expire on the last day of

December of the third year from its issuance and shall be

renewed upon application therefor and payment of the

corresponding fee, if the licensee or holder of such license

or

certificate

is

continuing

to

comply

with

all

the

applicable

provisions

of

existing

laws,

and

of rules,

instructions, orders and decisions of the Commissioner.

(b) For the filing of the annual statement referred to

in Section 229, the Commissioner shall collect and receive

from the insurance company so filing a fee of not less

than Five hundred pesos (P500.00): Provided, That a fine

of not less than One hundred pesos (P100.00) shall be

imposed and collected by the Commissioner for each

week of delay, or any fraction thereof, in the filing of the

annual statement.

For the filing of annual statement referred to in

Section 413, the Commissioner shall collect and receive

from the mutual benefit association so filing a fee of not

less than Ten pesos (P10.00): Provided, That a fine of not

less

than

Ten pesos (P10.00) shall be imposed and

collected by the Commissioner for each week of delay, or

any fraction thereof, in the filing of the annual statement.

(c) For the examination prescribed in Section 253, the

Commissioner shall collect and receive fees according to

the amount of its total assets, in the case of a domestic

company, or of its assets in the Philippines, in the case of

a foreign company, not less than the amount as follows:

(1) Two million pesos or more but less than Four

million pesos, Four hundred pesos (P400.00);

(2) Four million pesos or more but less than Six

million pesos, Eight hundred pesos (P800.00);

(3) Six million pesos or more but less than Eight

million

pesos,

One

thousand

two

hundred

pesos

(P1,200.00);

(4) Eight million pesos or more but less than Ten

million

pesos,

One

thousand

six

hundred

pesos

(P1,600.00);

(5) Ten million pesos or more, Two thousand pesos

(P2,000.00);

Provided, That if the said examination is made in

places outside the Metropolitan Manila area, besides

these

fees,

the

Commissioner

shall

require

of

the

company examined the payment of the actual and

necessary travelling and subsistence expenses of the

examiner or examiners concerned.

For the examination prescribed in Section 412, the

Commissioner shall collect and receive a minimum fee of

not less than One hundred pesos (P100.00) from the

mutual benefit association examined: Provided, That if

such association has total assets of more than One

hundred thousand pesos (P100,000.00), an additional fee

of

not

less

than

Ten

pesos (P10.00) for every Fifty

thousand pesos (P50,000.00) in excess thereof shall be

imposed.

(d) For the filing of an application to withdraw from

the Philippines under Title 18, the Commissioner shall

collect

and

receive

from

the

foreign

company

so

withdrawing a fee of not less than One thousand pesos

(P1,000.00).

(e) The Commissioner may fix and collect fees or

charges for documents, transcripts, or other materials

which

may

be

furnished

by

him

not

in

excess

of

reasonable cost.

SECTION 441. The Commissioner, in accordance with

the rules and regulations of the Department of Budget

and Management and other relevant regulatory agencies,

shall source the salary, allowances and other expenses

from the retained amount of the fees, charges, penalties

and other income from the regulation of insurance

companies and other covered persons and entities, and

from the Insurance Fund, which is created out of the

proceeds of taxes on insurance premiums mentioned in

Section 255 of the National Internal Revenue Code, as

amended.

Miscellaneous Provisions

SECTION 442. Any person, company or corporation

subject

to

the

supervision

and

control

of

the

Commissioner who violates any provision of this Code, for

which no penalty is provided, shall be deemed guilty of a

penal offense, and upon conviction be punished by a fine

not

exceeding

Two

hundred

thousand

pesos

(P200,000.00) or imprisonment of six (6) months, or both,

at the discretion of the court.

If

the

offense

is

committed

by

a

company

or

corporation,

the

officers,

directors,

or

other persons

responsible

for

its

operation,

management,

or

administration, unless it can be proved that they have

taken no part in the commission of the offense, shall

likewise be guilty of a penal offense, and upon conviction

be punished by a fine not exceeding Two hundred

thousand pesos (P200,000.00) or imprisonment of six (6)

months, or both, at the discretion of the court.

SECTION 443. All criminal actions for the violation of

any of the provisions of this Code shall prescribe after

three (3) years from the discovery of such violation:

Provided, That such actions shall in any event prescribe

after ten (10) years from the commission of such violation.

SECTION 444. Any person, partnership, association or

corporation heretofore authorized, licensed or registered

by the Commissioner shall be deemed to have been

authorized, licensed or registered under the provisions of

this Code and shall be governed by the provisions thereof:

Provided,

however ,

That

where

any

such

person,

partnership, association or corporation is affected by the

new requirements of this Code, said person, partnership,

association or corporation shall, unless otherwise herein

provided, be given a period of one (1) year from the

effectivity of this Code within which to comply with the

same.

SECTION 445. Transitory Provision. — Renewal of

existing licenses, certificates of authority or accreditation

which will expire on June 30, 2013 shall be valid until

December 31, 2015. Thereafter, renewal shall be filed on

the last day of December every third year following the

date of expiry of the license, certificate of authority or

accreditation.

SECTION

446.

Repealing

Clause.

—

Except

as

expressly provided by this Code, all laws, decrees, orders,

rules and regulations or parts thereof, inconsistent with

any provision of this Code shall be deemed repealed,

amended or modified accordingly.

SECTION 447. Separability Clause. — If any provision

of this Code or any part hereof be declared invalid or

unconstitutional, the remainder of the law or other

provisions not otherwise affected shall remain valid and

subsisting.

SECTION 448. This Code shall take effect fifteen (15)

days following its publication in a newspaper of general

circulation.

Approved: August 15, 2013.

Published in The Philippine Star on September 5,

2013.

(Amendments to P.D. No. 612, as Amended (The

Insurance Code), Republic Act No. 10607, [August 15, 2013])

CA No 65 | Carriage of Goods by Sea Act

© Compiled by RGL

84 of 211