PRESIDENTIAL DECREE NO. 612 December 18, 1974ORDAINING AND INSTITUTING AN INSURANCE CODE OF THE PHILIPPINES

GENERAL PROISIONSSec. 1. T!"# Decree #!$%% be &'()'$# "The Insurance Code".Sec. 2. *!e'e+er,#e-"'.!"#C(-e, .!e/(%%()"'0.erm# #!$%% !$+e .!e re#1ec."+e me$'"'0# !ere"'$/.er #e. /(r.! (r "'-"c$.e-, ,'%e## .!e c('.e2. (.!er)"#e re3,"re#4516 A "contract of insurance" "# $' $0reeme'. )!ereb7 ('e ,'-er.$&e# /(r $ c('#"-er$."(' .( "'-em'"/7 $'(.!er $0$"'#. %(##, -$m$0e (r %"$b"%".7 $r"#"'0 /r(m $' ,'&'()' (r c('."'0e'. e+e'..A c('.r$c. (/ #,re.7#!"1 #!$%% be -eeme- .( be $' "'#,r$'ce c('.r$c., )".!"' .!e me$'"'0 (/ .!"# C(-e, ('%7 "/ m$-eb7$#,re.7)!((r )!"c!, $##,c!, "#-("'0$' "'#,r$'ce b,#"'e## $# !ere"'$/.er 1r(+"-e-.526 T!e .erm "doing an insurance business" (r "transacting an insurance business", )".!"' .!e me$'"'0 (/ .!"# C(-e, #!$%% "'c%,-e45$6 m$&"'0 (r 1r(1(#"'0 .( m$&e, $# "'#,rer, $'7 "'#,r$'ce c('.r$c.85b6 m$&"'0 (r 1r(1(#"'0 .( m$&e, $# #,re.7, $'7 c('.r$c. 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(.!er)"#e m$.er"$%.Sec. :1. ;$.er"$%".7"#.(be-e.erm"'e-'(.b7.!ee+e'., b,. #(%e%7 b7 .!e 1r(b$b%e $'- re$#('$b%e "'/%,e'ce (/ .!e /$c.# ,1(' .!e 1$r.7 .( )!(m .!e c(mm,'"c$."(' "# -,e, "' /(rm"'0 !"# e#."m$.e (/ .!e -"#$-+$'.$0e# (/ .!e 1r(1(#e- c('.r$c., (r "' m$&"'0 !"# "'3,"r"e#.Sec. :2. E$c! 1$r.7 .( $ c('.r$c. (/ "'#,r$'ce "# b(,'- .( &'() $%% .!e 0e'er$% c$,#e# )!"c! $re (1e' .( !"# "'3,"r7, e3,$%%7)".!.!$. (/ .!e(.!er, $'-)!"c!m$7$//ec. .!e 1(%"."c$% (r m$.er"$% 1er"%#c('.em1%$.e-8 $'-$%% 0e'er$% ,#$0e# (/ .r$-e.Sec. ::. T!e r"0!. .( "'/(rm$."(' (/ m$.er"$% /$c.# m$7 be )$"+e-, e".!er b7 .!e .erm# (/ .!e "'#,r$'ce (r b7 'e0%ec. .( m$&e "'3,"r7 $# .( #,c! /$c.#, )!ere .!e7 $re -"#."'c.%7 "m1%"e- "' (.!er /$c.# (/ )!"c! "'/(rm$."(' "# c(mm,'"c$.e-.Sec. :4. I'/(rm$."(' (/ .!e '$.,re (r $m(,'. (/ .!e "'.ere#. (/ ('e "'#,re- 'ee- '(. be c(mm,'"c$.e- ,'%e## "' $'#)er .( $' "'3,"r7, e2ce1. $# 1re#cr"be- b7 #ec."(' /"/.7B('e.Sec. :@. Ne".!er 1$r.7 .( $ c('.r$c. 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