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HISTORICAL BACKGROUND |
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The Insurance Commission
was formerly referred to as the Office of the
Insurance Commissioner. The law that created
the Office of the Insurance Commissioner as
an Independent office was Republic Act No. 275,
which took effect upon the formal opening of
the Central Bank of the Philippines on January
3, 1949 and which, in effect superseded the
provisions of Executive Order No. 54, dated
April 21, 1947 and Section 169 of Act No. 2427,
otherwise known as the Insurance Act.
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Under Act No. 2427, which took effect on
July 1, 1915, The Insular Treasurer, in
addition to his official title, was designated
Insurance Commissioner ex-officio. The government
agency which supervised insurance business
in this country was, therefore, until December
31, 1941, or for period of over 26 years
only a division, called the Insurance Division
of the Bureau of Treasury.
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During the war, the Insurance
Division was separated from the Bureau of Treasury
and attached to the Bureau of Banking. After the
war, the Division returned to the Bureau of Treasury.
In 1947, it was detached once more from the latter
and then re-merged with the Bureau of Banking.
In 1949,
through Republic Act No. 275, the Office of the
Insurance Commissioner came into being with the
Insurance Division as its nucleus.
On November 20, 1972, Presidential
Decree No. 63 was promulgated amending certain
sections of the Insurance Act. Among other things,
it provided that the Office of the Insurance Commissioner
be known as the Insurance Commission. The incumbent
Insurance Commissioner is Mr. Eduardo T. Malinis and the Deputy Insurance Commissioner
is Mrs. Vida T. Chiong.
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Life and Non-Life Insurance Companies
