Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1460)
The purpose of Presidential Decree No. 1460 is to consolidate and codify all the insurance laws of the Philippines, harmonizing their provisions for proper guidance and efficient administration.
Presidential Decree No. 612, known as the Insurance Code of the Philippines, has undergone several amendments and was consolidated and codified into the Insurance Code of 1978 through PD No. 1460.
The Insurance Code of 1978 is the single consolidated Code that integrates all insurance laws, presidential decrees, and executive orders related to insurance in the Philippines as codified under PD No. 1460.
The Insurance Code of 1978 consolidates and codifies all existing insurance laws but does not explicitly repeal previous laws; it integrates amendments and unifies provisions into a single Code.
Section 2 states that the provisions of the Insurance Code of 1978 take effect immediately without prejudice to the effectivity dates of the various laws, decrees, and executive orders which have amended the previous Insurance Code.
Certain provisions were impractical in application and needed revision to provide flexibility, keep pace with changing industry needs, new risks, and international developments.
PD No. 1460 aims to harmonize the provisions of insurance laws for the proper guidance of the public and efficient government administration.
No, PD No. 1460 itself does not specify penalties or sanctions; it primarily focuses on the consolidation and codification of insurance laws.