>>>The Amended Insurance Code of the Philippines

The Amended Insurance Code of the Philippines


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Before the passage of R.A. No. 10607, otherwise known as “The Insurance Code,” the rules governing the insurance industry were provided in Presidential Decree No. 612, as amended by Presidential Decree Nos. 1141, 1280, 1455, 1460, 1814 and 1981; and Batas Pambansa Blg. 874.

On September 18, 2012, Senator Sergio R. Osmeña III sponsoredS.B. No. 3280, which sought to amend relevant provisions of the old Insurance Code, as amended, not only in recognition of the radical changes that have transpired in the insurance industry; but also in anticipation of future alterations caused by the constant evolution of technological developments in almost every field in the domestic and global spectrums.

Thus, on August 15, 2013, President Benigno S. Aquino, III, signedinto law Republic Act No. 10607 to finally address the local domestic insurance industry’s need for the amendment of the Insurance Code.

Buoyed by said amendment of the Insurance Code of thePhilippines so it can respond to changing times and circumstances. There is also the inevitable challenge of facing stiff competition in the person of prestigious international insurance companies, which consequently motivated the author in his quest to inform and disseminate quickly the said changes in said Code.

This book is divided into two (2) parts with discussions on the following:

1) Part I is an overview of R.A. No. 10607, otherwise known as “The Insurance Code”; and

2) Part II discusses the law itself, R.A. No. 10607, with annotations and relevant jurisprudence, limited only to the changes or amendments.

With the book’s presentation, it is the fervent wish of the author that it would be of great help to law students, bar candidates, researchers, professors, insurers, insurance agents and the like, for better understanding of the Amended Insurance Code of the Philippines.

Author(s)by Dascil
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