67 so FF ‘Republic ofthe Plylippines Congress of the Philippines Altes Arie Filtenth Congeeas Thich Regulac Seesion — ‘Begun and held in Metro Manila, on Monday, the twenty-thied day of July, two thousand twelve. [REPUBLIC ACT No. 7 96071 AN ACT STRENGTHENING THE INSURANCE INDUSTRY, FURTHER AMENDING PRESIDENTIAL DECREE ‘NO. 612, OTHERWISE KNOWN AS "THE INSURANCE. CODE", AS AMENDED BY PRESIDENTIAL DECREE ‘NOS. 141, 1280, 1455, 1460, 1814 AND 1981, AND BATAS PAMBANSA BLG. 874, AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the ‘Philippines in Congress assembled SECTION 1, Presidential Decree No. 612, as amended, is hereby further amended toread as follows: "GENERAL PROVISIONS “SECTION 1. This Decree shall be known as "The Insurance Code!"Suc 2. Whenever sod in thie Code, the following terme hal hve the ropes motos ‘rina ot frth rindi, aloe the cnt ctherwive retiree ie) A contract of inurance sa agreement hers cow undertakes for 9 sonaderation to Tdeaaly mothe agua ng, damage lab {Sing rm onan or etnget oven "Acontrataf uetyspsallbe seme tobe an innuanon contract. within the neg of ae (Cole-onyifmadey anus whoor bic each, {a doing ao insurance business au hereinafter "The erm doingan insurance busine or tranaacting om insurance businet, within the ‘mesning ofthe Code chal lade “() Matingor proposing to make at inure, sey icnsranee contrac 5a) Making rpropsing te make, ae cuety, any contract of artyip au tv td a a ‘merely incidental ony ote gluten sSntefthe rey "9) Doing any hind of businen, nctatiog & rvingrance Denne, spacial reoguied as ‘Sastting he dang fan innaancs ines with themenningof hs Cole; "18 Doing or proposing to do any busines subetanc oquivlent teat of the forepine io ‘noe deigedo evade se provisions feo “Tah oppliaton fe proving Cada the fc that ne prota derived from the making ‘hat no eoparats or direct consideration ia received ‘herfr tallnorbe deemed conti tochow that ‘Semaling hereof cos net sonata the dang teenecting fam aaurance aan, 7e) At used ip this Code, the term (Commisioner none the Jnourone Gomenslne. “CHAPTER | “Tue Covmeact o Iusunance sane 1 wa May Be Issue Sec 8. Any cningeto¢ unkown event, whuter pat oe fare, chy dame x ore Thang um insurable interes aeate 2 habs ‘puis him maybe sonrod Spine nuboatio “The coosentf be pout nt near for the vliy a an inmarane poly taken ut by ‘arid person on hivrhor egret sot ‘alld. “All ight, ule and itor in the poi of tewurance taken out a cepa owner one be ‘rhea ofthe person insured shall atamaeally ‘eatin tent pon the death of ein wer {ila otherwise provided forin the ply. “S804. The preceding tction doce not uth anngureoe or ar gain the raving {ty louery, for or gun ny chance Ske ‘lite drawing apt, “Sec. §,Allbindsofinnurace ar subject ‘the provision ofthe dhaptreofar au the provi. acer one 2 “sec 6, Bvery erpration, pastereip. smsositon, dy suthorze to twonsectinmuraoce ‘usin as lower provided inthis Code, maybe ‘nines"suc. 7. Anyone excapt x pubic anemy may einer "858. Uslen the plc berwie proven here mortaci f propecty ae nnrance sows nm providing tat tbeaoehall be payable tothe mortgage, oangas poly of nnurance fo ‘Saorgoge, the nurans is doomed tbe upon he Interetf he mrtgagar wh done ac canta bes bart tthe original esac, and any tof hi ror te loes which mou thorwie sad the ‘trance, wile the sane floc although the Jest bathe han of in wots, bet ag [etch under the contact fina ta be erormed by the morgngr, ay be porored by Eremoregngee therein ated, wth te same tot ‘ith been pected by ihe mortgagor $00.9, Han insurer asonta ote tractor ‘tan iaaranca fsa mortgage oa mortgagee Sedo the Ene of hn ermal fingers foie Shilton on the asgoee, making nem contract frdhhn, he ctf the mortgagor nnn ale be gb fuadanngee. Suc. 10. Bvery person hes an Ineurable intereatnte ifend eal a) OF hisull, of bie spouee and of bie caren, 0) Ofany person wham be depends wally orn par for education or wort, in whom be are pecuiaryinaest 5 Ofanyparmn under legal sigton to in or he pen of aaney. reece trasrion of which death diners might dloy oe prevent pelormanead @) Ofany parce upon hou ny otate covintarot ete nim depend 856.11. Theinsared shall have the right to cage the beneficiary be denigaatd ete policy, {les be hoe expresny waived ths right oad obey Natwintanding te freping ibe event “S$ec. 12. Theatres abana ine insurance palicy shall be forfetted when the ‘ensure prnnipl asta, oar {nlf besngng about the dea cfs inured Te muh acus the cheated ballpase ao athe tthe bnefiarunlneotberwine dng, In ‘enbance father bennisnrion dhe proceed sall te paidin accordance withthe pay contest the py sonrace wlan, the promede call bop eecintate inured "Sec 13. Ever itaantin property, what realor persona or an ealaton theres oats {Soret thera struc nature het seomemplated pes mig direc dampify the innure, isa "SEC. 14. Aa inmurable ntretin property ney oii “is) An exiting nero, “0 Am inchoate intrest founded on xing internat “i Anexpectiny, coupled with anxitng inteastin that ot of which de expectancy ra "32018. Acarir o depository ay ind Jn on inure lees nothing Bld by ‘ch tothe extet fie eity But ot tore ‘vas there "$80.16. A mere contingent ot expectant snuaratin ny thing nt funded on en asin it tothe thing nor pon any vaidcateet rot naar