PEZA import shipment transfer rules

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CUSTOMS MEMORANDUM ORDER 29-2005: PEZA import shipment transfer rules

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Title Supreme Court: Insurance suit time limit of at least one year

Law: Acts No. 4101

Decision Date: Dec 1, 1933

An amendment to the Philippine Insurance Act establishes a minimum one-year time limit for filing a lawsuit under any insurance policy, rendering any shorter time limits void.

Amendment to the Insurance Act

Section 1 amends Act No. 2427 by inserting Section 61-A in Chapter One.
Section 61-A governs the validity of time limits written into insurance policy conditions for filing suit.

One-year minimum time limit for suit

Section 61-A declares void any condition, stipulation, or agreement in an insurance policy that limits the time for commencing an action thereunder to less than one year from when the cause of action accrues.
The one-year standard starts running from the time when the cause of action accrues.
Section 61-A operates as a direct validity rule: any policy time-limit clause shorter than one year is void.

What makes a policy clause void

A clause is void when it limits “the time for commencing an action thereunder” to a period of less than one year.
The voiding rule applies to any “condition, stipulation or agreement” inserted in the insurance policy.
The clause’s invalidity follows even if it was voluntarily agreed to as part of the insurance contract, because Section 61-A renders such restrictions void.

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