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Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
AT A GLANCE:
By virtue of Proclamation No. 1059, series of 1997, the first week of October of every year as “Life Insurance Consciousness Week”.
Life Insurance is insurance on human lives and insurance appertaining thereto or connected therewith (Section 181, Republic Act No. 10607 or the Insurance Code).
It is payable on the death of the person, or on his surviving a specified period, or otherwise contingently on the continuance or cessation of life (Section 181, Republic Act No. 10607 or the Insurance Code).
By virtue of Proclamation No. 1059, series of 1997, the first week of October of every year as “Life Insurance Consciousness Week”.
On August 15, 2013, Republic Act No. 10607, or the Insurance Code, was signed by President Benigno S. Aquino III. The Insurance Code provided for the progressive increase of capital requirements for life and non-life insurance companies every three years until 2012.
It is intended to reinforce and strengthen the insurance industry and ensure the economic viability and financial stability of companies operating in the country, to the end that each and every Filipino is amply protected and secured. (Official website of the Insurance Commission, accessed at [Link])
Life Insurance is insurance on human lives and insurance appertaining thereto or connected therewith (Section 181, Republic Act No. 10607 or the Insurance Code). It is payable on the death of the person, or on his surviving a specified period, or otherwise contingently on the continuance or cessation of life (Section 181, Republic Act No. 10607 or the Insurance Code).
The law says:
“Every contract or undertaking for the payment of annuities including contracts for the payment of lump sums under a retirement program where a life insurance company manages or acts as a trustee for such retirement program shall be considered a life insurance contract for purposes of this Code.” (Section 181, Insurance Code)
Life insurance provides Filipino families with services and benefits for financial protection in times of need and peace of mind when the families’ income earners pass away or become incapacitated. (Proclamation No. 1059, s. 1997)
The Insurance Commission issued a list of insurance companies with valid and existing certificate of authority as of August 31, 2023. (Official website of the Insurance Commission, accessed at [Link])
Read also:
What is the “Cash and Carry Rule” under the Insurance Code?
What is the effect of delay in accepting the application for insurance?
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries regarding taxation and taxpayer’s remedies, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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