Funds for Rehabilitation of Domestic Insurance

Ask AI

Republic Act No. 353: Funds for Rehabilitation of Domestic Insurance

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Funds for Rehabilitation of Domestic Insurance

Law: Republic Act No. 353

Decision Date: Jun 4, 1949

Republic Act No. 353 appropriates funds from the National Treasury for the rehabilitation of domestic insurance companies in the Philippines, subject to the authorization of the President, certification by the Secretary of Finance, and recommendation of the Bank and Insurance Commissioner.

rehabilitation funds

domestic insurance companies

Investment and rehabilitation conditions

Section 1 bars any availability of funds for investment through book-setting or other means absent presidential authorization.
Section 1 ties necessity for rehabilitation to the certification of the Secretary of Finance and the recommendation of the Bank and Insurance Commissioner.
Funds released for the rehabilitation purpose must follow the crediting rule in Section 1.

Crediting released amounts to RF Corporation subscription

Section 1 requires that any amount released under Republic Act No. 353 for the purposes of Executive Order No. 107 be credited to the subscription of the Government of the Republic of the Philippines to the capital stock of the Rehabilitation Finance Corporation.
The crediting obligation applies to amounts released specifically “for the purposes provided” in Executive Order No. 107, as amended.

Effectivity and timing

Section 2 provides that Republic Act No. 353 takes effect upon its approval.
The approval date of Republic Act No. 353 is June 4, 1949.

END