Consolidation of Philippine Insurance Laws

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PRESIDENTIAL DECREE NO. 1460: Consolidation of Philippine Insurance Laws

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Title Source: Supreme Court: Consolidation of Philippine Insurance Laws

Law: Presidential Decree No. 1460

Decision Date: Jun 11, 1978

Presidential Decree No. 1460 consolidates and codifies all insurance laws in the Philippines, aiming to harmonize provisions, revise impracticalities, and adapt to changing industry needs and international developments, ultimately creating the Insurance Code of 1978.

Law Summary

Scope and Coverage

All insurance laws previously embodied in the Insurance Code of 1974 (Presidential Decree No. 612)
Incorporates all subsequent amendments through laws, presidential decrees, and executive orders
Encompasses the full body of insurance regulations to be unified under this single codification

Codification Directive

All insurance laws are consolidated into one comprehensive code named the Insurance Code of 1978
The 1978 Code forms an integral part of Presidential Decree No. 1460

Effectivity

The Insurance Code of 1978 takes immediate effect upon issuance
Does not override or alter the effectivity dates of amendments previously promulgated
Ensures continuity and legal certainty with respect to prior amendments

Authority and Promulgation

Declared and signed by President Ferdinand E. Marcos
Issued under the constitutional powers vested in the President
Administrative implementation endorsed by Presidential Executive Assistant Jacobo C. Clave

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