Commonwealth Act No. 697

Section 1. Section one hundred and seventy-five of Act Numbered Twenty-four hundred and twenty-seven, as amended by Act Numbered Thirty-one hundred and fifty-two, is hereby further amended by inserting thereafter the following new sections to be known as section 175 (A) to section 175 (U):

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Section 175 (A).

Application of Act: Definition. -1. This Act shall apply to all corporations, associations, societies, orders, partnerships, and indivioduals to which any section of the Insurance Act is applicable, or which are subject to examination or supervision under any section of the Insurance Act, or which are doing or attempting to do or representing that they are doing the business of insurance in the Philippines, or which are in process of organization for the purpose of doing or intending to do such business therein, anything as to any such corporations, associations, societies, orders, partnerships, or individuals provided in this Act oir elsewhere in the laws of the Philippines to the contrary notwithstanding.

"2. (a) The word 'insurer' as used in this Act includes all the above named corporations, associations, societies, orders, partnerships and individuals (b) The word 'Commissioner' as used in this Act refers to Insurance Commissioner. (c) The word 'assets' as used in this Act includes all deposits and bonds of a special or trust nature.

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Section 1754 (E).

Commencement of a proceeding. -The Commissioner may, the Solicitor-General representing him commence any proceeding under this Act by an application to the Court of competent jurisdiction, in the Judicial District in which the principal office of the insurer involved is located, for an order directing such insurer to show cause why, the Commissioner should not have the relief prayed for. On the return of such order to show cause, and after a full hearing, which shall be held by the court or judge without delay, such court, or judges shall either deny the application or grant the same together with such other relief as the nature of the case and the interests of policy-holders, creditors, stockholders, members, and the public may require. All proceedings under this Act shall be given preference in the courts.

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All laws and parts of laws inconsistent with this Act are hereby repealed

Section 2. All laws and parts of laws inconsistent with this Act are hereby repealed.

This Act shall take effect upon its approval

Section 3. This Act shall take effect upon its approval.

Approved, October 15, 1945.