REPUBLIC ACT NO. 3593 - AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX, AS AMENDED, TO EFFECT IMMEDIATE LIFE INSURANCE COVERAGE OF COMPULSORY MEMBERS AND TO INCREASE ADDITIONAL LIFE INSURANCE COVERAGE.

[ REPUBLIC ACT NO. 3593, June 22, 1963 ]

AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX, AS AMENDED, TO EFFECT IMMEDIATE LIFE INSURANCE COVERAGE OF COMPULSORY MEMBERS AND TO INCREASE ADDITIONAL LIFE INSURANCE COVERAGE.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Subsection (a) of Section eight, of Commonwealth Act Numbered One hundred eighty-six, as amended, is further amended to read as follows:

"SEC. 8. (a) Compulsory membership insurance. &mdashAn employee whose membership in the System is compulsory shall be automatically insured on the first day of the calendar month following the month he was appointed or on the first day of the calendar month he was appointed if the date of his appointment is the first day of the month: Provided, That his medical examination, it required, has been approved by the System: And provided, further. That he has satisfactorily completed the six-months probationary period required under the new Civil Service Law before his appointment becomes permanent: And provided, finally, That the rates of premiums as prescribed in Section five of this Act shall be payable retroactively by him and his employer under such terms and conditions as the System may prescribe.

SEC. 2. Section ten of Commonwealth Act Numbered hundred eighty-six, as amended, is further amended read as follows:

"SEC. 10. Optional Insurance. &mdashUpon application to the Board and on satisfactory evidence of insurability, each member may obtain, at any time, additional life insurance as he may desire, subject to the provisions of Section fourteen hereof. Provided, That the amount of said additional life insurance shall not exceed an amount, to the nearest hundred pesos, twice his current annual salary; And provided That the full amount of the premium on such additional insurance shall be paid by said member, and the amount thereof may be deducted from his pay or compensation, when expressly authorized by him."

SEC. 3. This Act shall take effect upon its approval.

Approved, June 22, 1963.