Section 13February 17, 2009, Sec./Art. 13

Articles 99, 100, 101, 102, 103, 104, 105, 106, 107, 108 and 109 of Chapter XIII on Special Provisions Relating to Cooperative Banks of the same Code are hereby transferred to another chapter. Chapter XIII as amended shall now read, as follows

CHAPTER XIII

INSURANCE COOPERATIVE

"ART. 105. Cooperative Insurance Societies. Existing cooperatives may organize themselves into a cooperative insurance entity for the purpose of engaging in the business of insuring life and property of cooperatives and their members.

"ART. 106. Types of Insurance Provided. Under the cooperative insurance program established and formed by the virtue of the provisions of this Code, the cooperative insurance societies shall provide its constituting members different types of insurance coverage consisting of, but not limited to, life insurance with special group coverage, loan protection, retirement plans, endowment, motor vehicle coverage, bonding, crop and livestock protection and equipment insurance.

"ART. 107. Applicability of Insurance Laws. The provisions of the Insurance Code and all other laws and regulations relative to the organization and operation of an insurance company shall apply to cooperative insurance entities organized under this Code. The requirements on capitalization, investments and reserves of insurance firms may be liberally modified upon consultation with the Authority and the cooperative sector, but in no case may be requirement to be reduced to less than half of those provided for under the Insurance Code and other related laws.

"ART. 108. Implementing Rules. The Insurance Commission and the Authority, in consultation with the concerned cooperative sector, shall issue the appropriate rules and regulations implementing the provisions of this Chapter."