Question & AnswerQ&A (Republic Act No. 275)
The Bureau of Banking is renamed as the Office of the Insurance Commissioner.
The Bank Commissioner and the Assistant Bank Commissioner are renamed as the Insurance Commissioner and the Assistant Insurance Commissioner, respectively.
The assessment is based on the excess of the expenses of the Office of the Insurance Commissioner relating to insurance companies, agents, and insurance matters over its income from certain specified fees.
The excess is assessed pro rata upon all domestic and foreign insurance companies operating in the Philippines in proportion to the gross premiums and other considerations they receive during the period for policies covering property or risks in the Philippines.
No company shall be assessed less than three hundred pesos.
No deductions are allowed for premiums and other considerations on reinsurance placed with any insurance company not authorized to transact business in the Philippines.
Insurance companies must pay the assessments within the months of July and January of each year as levied and collected by the Insurance Commissioner.
The assessments collected by the Insurance Commissioner are to be paid into the National Treasury.
The Insurance Commissioner may promulgate rules and regulations and require any reports and documents from domestic or foreign insurance companies necessary for proper enforcement of the Act.
The Act took effect upon the formal opening of the Central Bank.