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AN ACT AMENDING SOME PROVISIONS OF THE PRESIDENTIAL DECREE NO. 1460, AS AMENDED, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978 BY PRESCRIBING A CRIMINAL PENALTY UPON ANY PERSON FOR REFUSING TO SETTLE ANY CLAIM FOR LOSS OR DAMAGE FOR WHICH AN INSURER MAY BE LIABLE WITHIN THE PERIOD PRESCRIBED BY THE CODE
Short Title
INSURANCE COMPANIES WHO FAIL TO SETTLE BENEFITS TO CLAIMANTS
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1
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Entitled: AN ACT AMENDING SOME PROVISIONS OF THE PRESIDENTIAL DECREE NO. 1460, AS AMENDED, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978 BY PRESCRIBING A CRIMINAL PENALTY UPON ANY PERSON FOR REFUSING TO SETTLE ANY CLAIM FOR LOSS OR DAMAGE FOR WHICH AN INSURER MAY BE LIABLE WITHIN THE PERIOD PRESCRIBED BY THE CODE [ First Regular Session, 13th Congress ] [ 2004 ] 6/30/2004 Introduced by Senator SERGE OSMENA; 8/4/2004 Read on First Reading and referred to the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; and CONSTITUTIONAL AMENDMENTS, REVISION OF CODES AND LAWS;