Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTIONS 187, 241, 247, 325, 330, 385, 416 AND 419 OF PRESIDENTIAL DECREE NO. 612, OTHERWISE KNOWN AS THE INSURANCE CODE, AS AMENDED BY PRESIDENTIAL DECREE NO. 1455
Date filed
July 27, 2005
Scope
Legislative History
| House Bill/Resolution NO. HB04549 |
| FULL TITLE : AN ACT AMENDING SECTIONS 187, 241, 247, 325, 330, 385, 416 AND 419 OF PRESIDENTIAL DECREE NO. 612, OTHERWISE KNOWN AS THE INSURANCE CODE, AS AMENDED BY PRESIDENTIAL DECREE NO. 1455 |
| ABSTRACT : The bill aims to: a) set a time frame for the settlement or denial of insurance claims; b) impose stiffer sanctions against insurance and adjustment companies for delayed action on insurance claims; c) increase the jurisdictional amount of the Insurance Commission, and d) increase the penalties for violation of the Insurance Code. |
| PRINCIPAL AUTHOR/S : ABANTE, BIENVENIDO JR. M. |
| DATE FILED : 2005-07-27 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2005-08-02 |
Abstract
The bill aims to: a) set a time frame for the settlement or denial of insurance claims; b) impose stiffer sanctions against insurance and adjustment companies for delayed action on insurance claims; c) increase the jurisdictional amount of the Insurance Commission, and d) increase the penalties for violation of the Insurance Code.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.