IC Insurance Memorandum Circular No. 1-96 (1996)

(NAR) VOL.8 NO. 1 / JANUARY-MARCH 1997

[ IC INSURANCE MEMORANDUM CIRCULAR NO. 1-96, November 04, 1996 ]

Amendment of Insurance Memorandum Circular No. 1-84 Dated February 23, 1984, Revising the Limits of Liability, Schedule of Indemnities and Premium Rates for the Compulsory Motor Vehicle Liability Insurance (CMVLI) Covers Pursuant to the authority vested in me by the provisions of Section 414 in relation to Chapter VI of Presidential Decree No. 1460 as amended, otherwise known as the Insurance Code of 1978, rates prescribed in the provisions of Insurance Memorandum Circular No. 1-84 dated February 23, 1984 are hereby revised as follows: I Limits of Liability The limits for third party liability for all CMVLI covers shall be Fifty Thousand Pesos (P50,000.00) each for all types of motor vehicles with an additional Fifty Thousand Pesos (P50,000.00) for passenger liability if the motor vehicle is used as a public utility vehicle.

II

Schedule of Indemnities for Bodily Injury and/or Death The following Schedule of Indemnities shall be observed in the settlement of claims for death, bodily injuries, professional fees and hospital charges for services rendered to traffic accident victims under the CMVLI policy.

a) Death Indemnity P35,000.00 Burial and Funeral Expenses 15,000.00 b) Bodily Injuries and Fractures Maximum Types of Accommodation or Reimbursable Professional Attendance Services Rendered Fees and/or Extended Charges Maximum of 45 days per 1. Hospital Rooms P500.00/day accident Laboratory examination 2,000.00 fees, x-rays 2. Surgical Expenses Major Operation 7,500.00 Medium Operation 5,000.00 Minor Operation 1,500.003. Anaesthesiologist’s Fee Major Operation 2,500.00 Medium Operation 2,000.00 Minor Operation 500.00 4. Operating Room Major Operation 1,500.00 Medium Operation 1,000.00 Minor Operation 500.00 For daily visits of 5. Medical Expenses 200.00/day Practitioner or Specialists The total amount of medical expenses must 2,500.00 not exceed (For single period of confinement) Actual value of drugs and 6. Drugs and Medicine medicine used but not to 12,5000.00 exceed c) Permanent Disablement Amount Loss of or Loss of Use of: Two Limbs P25,000.00 Both Hands, or All Fingers and 25,000.00 Both Thumbs Both Feet 25,000.00 One Hand and One Foot 25,000.00 Sight of Both Eyes 25,000.00 Injuries resulting in being 25,000.00 permanently bedridden Any other injury causing 25,000.00 permanent total disablement Arm at or above elbow 17,000.00 Arm between elbow and wrist 12,000.00 Hand 10,000.00 Four Fingers and Thumb of one 10,000.00 hand Four Fingers 9,000.00 Leg at or above knee 17,000.00 Leg below knee 12,000.00 One Foot 12,000.00 All Toes of one foot 5,000.00 Thumb 5,000.00 Index Finger 3,000.00 Sight of One Eye 12,000.00 Hearing — Both Ears 15,000.00 Hearing — One Ear 8,000.00 III Premium RatesCorresponding to the increased limits of liability, the following schedule of premium rates shall be followed:

1) Non-LTO/Private Cars (PC) & Commercial Vehicles (CV): TPL — P50,000.00 Types of Vehicle Premium Rates PC Light P450.00 PC Medium 490.00 PC Heavy 690.00 CV Light 490.00 CV Medium 690.00 CV Heavy 960.00 2) LTO/Public Utility Vehicles: TPL—P50,000.00, PL—50,000.00 The premium rates shall be based on the area where the public utility vehicle is authorized to operate: whether within or outside the Metro Manila Area PREMIUM RATES Types of Vehicle Metro Manila Outside Metro Manila AC P730.00 P920.00 PUJ 890.00 1,110.00 TAXI 880.00 1,100.00 TOUR-CAR 590.00 7 40.00 MINI-BUS 990.00 1,230.00 PUB 1,160.00 1,450.00 TOUR-BUS 1,180.00 1,450.00 220.00 TRICYCLE 210.00 Metro Manila includes the cities of Manila, Kaloocan, Quezon, Pasay, Muntinlupa, Makati, Mandaluyong, and Pasig; and the following municipalities: Parañaque, Las Piñas, San Juan, Pateros, Taguig, Malabon, Navotas and Valenzuela. This Circular takes effect on 1 January 1997. Adopted: 04 Nov. 1996

(Sgd.) EDUARDO T. MALINIS Insurance Commissioner

Approved:

(Sgd.) ROBERTO F. DE OCAMPO Secretary of FinanceSource: Supreme Court E-Library