(MIDTERM EXAM REQUIREMENT)
SUBMITTED BY : JANICE I. ARIZOBAL
DATED: NOVEMBER 20, 2012
SUBMITTED BY: PROF. MICHAEL CABRA
PHILIPPINE WOMEN’S UNIVERSITY
IMPORTANCE OF LIFE INSURANCE TO FILIPINO SOCIETY
This research and study is intended for future researcher’s reference and insights of the importance of life Insurance in the Philippine Society. the first part contains the history of Insurance in the Philippines, Statements of what Life Insurance is, the types of Insurance, its advantage and disadvantage.
The research also includes the present …show more content…
1950 – Reinsurance was introduced by the Reinsurance Company of the Orient when it wrote treaties for both life and non life.
1951 – First workmen’s compensation pool was organized as the Royal Group Incorporated.
1954 – RA 1161 was enacted which provided for the organization of the Social Security System (SSS) covering employees of the private sector.
At present, there are 130 insurance companies registered with the Office of the Insurance Commissioner. Of these, 2 are composite insurance companies (engaged in both life and non-life insurance), 23 are life insurance companies, 101 are non-life insurance companies and 4 are reinsurance companies.
Development of insurance LAWS develop in the Philippines?
During the Spanish Period, the laws on insurance were found in Title VII of Book II and Section III of Title III of Book III of the Spanish Code of Commerce; and in Chapters II and IV of Tile XII of Book IV of the Spanish Civil Code of 1889 (whew!)
During the American Regime, on Dec. 11, 1914, the Phil Legislature enacted the Insurance Act (Act 2427). This Act which took effect on July 1, 1915 repealed the provisions of the Spanish Code of Commerce on Insurance.
When the Civil Code of the Philippines (RA 386) took effect on August 30, 1950, the provisions of the Spanish Civil Code of 1889 were likewise repealed. For quite a long time, the Insurance Act was the governing law on insurance in the