INS. COM. DEPARTMENT ORDER NO. 49-96, May 02, 1996

[ INS. COM. DEPARTMENT ORDER NO. 49-96, May 02, 1996 ]

AMENDMENT OF DEPARTMENT ORDER NO. 116-93, DECEMBER 7, 1993

Pursuant to the authority vested in me by the provisions of Section 188 of the Insurance Code in relation to those of Section 184 thereof, and upon the recommendation of the Insurance Commission, sub-paragraph a, Rule No. 2 of Department Order No. 116-93 is hereby amended to read as follows:

“a. Non-life company — that its maximum writing authority on any one risk be limited to risks the value of which per sum insured does not exceed the following amounts in relation to its paid-up capital:

Paid-Up Capital Writing Authority

below P30 million 3 times paid-up capital

30,000-39,999 4 times paid-up capital

40,000 - 49,999 5 times paid-up capital”

This Order takes effect immediately.

Adopted: 2 May 1996

(SGD.) ROBERTO F. DE OCAMPO Secretary