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Section 189. Every company must, before engaging in the business of insurance - Insurance Code (usually included in commercial codals)

Section 189. Every company must, before engaging in the business of insurance of Insurance Code (usually included in commercial codals). Section 189. Every company must, before engaging in the business of insurance in the Philippines, file with the Commissioner the following: (a) A

  • Subjects 9 Bar syllabus groups
  • Codals 48 Primary legal sources

Insurance Code (usually included in commercial codals)

Section 189. Every company must, before engaging in the business of insurance in the Philippines, file with the Commissioner the following:

(a) A certified copy of the last annual statement or a verified financial statement exhibiting the condition and affairs of such company;

(b) If incorporated under the laws of the Philippines, a copy of the articles of incorporation and by-laws, and any amendments to either, certified by the Securities and Exchange Commission to be a copy of that which is filed in its Office;

(c) If incorporated under any laws other than those of the Philippines, a certificate from the Securities and Exchange Commission showing that it is duly registered in the mercantile registry of that Commission in accordance with the Corporation Law. A copy of the articles of incorporation and by-laws, and any amendments to either, if organized or formed under any law requiring such to be filed, duly certified by the officer having the custody of same, or if not so organized, a copy of the law, charter or deed of settlement under which the deed of organization is made, duly certified by the proper custodian thereof, or proved by affidavit to be a copy; also, a certificate under the hand and seal of the proper officer of such state or country having supervision of insurance business therein, if any there be, that such corporation or company is organized under the laws of such state or country, with the amount of capital stock or assets and legal reserve required by this Code;

(d) If not incorporated and of foreign domicile, aside from the certificate mentioned in paragraph (c) of this section, a certificate setting forth the nature and character of the business, the location of the principal office, the name of the individual or names of the persons composing the partnership or association, the amount of actual capital employed or to be employed therein and the names of all officers and persons by whom the business is or may be managed.

The certificate must be verified by the affidavit of the chief officer, secretary, agent, or manager of the company; and if there are any written articles of agreement of the company, a copy thereof must be accompany such certificate.

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