A DECREE TO CONSOLIDATE AND CODIFY ALL THE INSURANCE LAWS OF THE PHILIPPINES

WHEREAS, Presidential Decree No. 612, known as the Insurance
Code of the Philippines, has undergone several amendments since its promulgation
on December 18, 1974;

WHEREAS, there exist in the said Code a substantial number
of provisions rendered obsolete by subsequent issuances of amendatory laws,
decrees and executive orders thereby making it imperative to consolidate, codify
and integrate such amendatory laws, decrees and executive orders to harmonize
their provisions for the proper guidance of the public and efficient
administration thereof;

WHEREAS, there likewise exist in the said Code certain
provisions which are impractical in application, thus, necessitating revision in
order to infuse flexibility, keep pace with the changing needs and demands of
industries in line with new risks and arising out of new international
developments.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Republic of the Philippines, by virtue of the powers vested in me by the
Constitution do hereby order and decree as follows:

SECTION 1. Codification of all insurance laws.—All
insurance laws embodied in the present Insurance Code and various laws,
presidential decrees and executive orders are hereby consolidated into a single
Code to be known as the Insurance Code of 1978 which shall form an integral part
of this Decree.

SEC. 2. Effectivity.—The provisions of the
Insurance Code of 1978 shall take effect immediately without prejudice, however,
to the effectivity dates of the various laws, decrees and executive orders which
have so far amended the provisions of the Insurance Code of the Philippines
(Presidential Decree No. 612).

Done in the City of Manila, this 11th day of June, in the year of Our Lord,
nineteen hundred and seventy-eight.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JACOBO C. CLAVE
		Presidential Executive Assistant