Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTION TWO HUNDRED NINETY-NINE OF PRESIDENTIAL DECREE NUMBERED SIX HUNDRED TWELVE, AS AMENDED, OTHERWISE KNOWN AS THE INSURANCE CODE
Date filed
December 11, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 4071, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING SECTION TWO HUNDRED NINETY-NINE OF PRESIDENTIAL DECREE NUMBERED SIX HUNDRED TWELVE, AS AMENDED, OTHERWISE KNOWN AS THE INSURANCE CODE |
| ABSTRACT : This bill seeks to amend Section 299 of the Insurance Code by lifting the one-year term limit of the agent's license and giving it a lifetime validity until otherwise shortened for cause. This amendment is aimed at unburdening the administrative laod both of the Insurance Commission and the insurers by extending the term of license so that agents can concentrate more on the business of selling insurance products and, consequently, further spur the growth of the insurance industry. |
| PRINCIPAL AUTHOR/S : LOPEZ, JAIME C. |
| DATE FILED : 2001-12-11 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS : |
| 1. Espina |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2001-12-18 |
Abstract
"This bill seeks to amend Section 299 of the Insurance Code by lifting the one-year term limit of the agent's license and giving it a lifetime validity until otherwise shortened for cause. This amendment is aimed at unburdening the administrative laod both of the Insurance Commission and the insurers by extending the term of license so that agents can concentrate more on the business of selling insurance products and, consequently, further spur the growth of the insurance industry."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.