INS Com Department Order No. 49-96 (1996)
AMENDMENT OF DEPARTMENT ORDER NO. 116-93, DECEMBER 7, 1993
(NAR) VOL. 7 NO. 2 / APRIL-JUNE 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 Writing Capital Authority 3 times below P30 paid-up million capital 4 times 30,000-paid-up 39,999 capital 5 times 40,000 -paid-up 49,999 capital” This Order takes effect immediately. Adopted: 2 May 1996
(SGD.) ROBERTO F. DE OCAMPO Secretary