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MALACAÑAN PALACE
MANILA

BY THE PRESIDENT OF THE PHILIPPINES

[ Memorandum Circular No. 622, February 12, 1973 ]

For the protection of the interest of the Government, all insurance companies shall be required to present a certification of the Insurance Commissioner regarding their financial conditions, outstanding obligations with the Government and such other matters as may, from time to time, be required by said official, before they can issue any bond or policy in favor of any government agency or office.

All courts, government agencies, bureaus, and government-owned or controlled corporations dealing with insurance companies are hereby required to furnish the Office of the Insurance Commissioner information or report of their transactions within three (3) days from the consummation thereof, stating the (a) name of insurance company that issued the policy or bond; (b) name and address of insured or principal; (c) number of policy or bond; (d) date of issue of policy or bond; (e) amount of policy or bond; and (f) outstanding obligations of or claims against the insurance company issuing the policy or bond.⚖ - ℒαɯρhi৷

Strict compliance herewith is enjoined.

By authority of the President:

(SGD.) FLORES BAYOT
Acting Executive Secretary

Manila, February 12, 1973

The Lawphil Project - Arellano Law Foundation

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