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P.B. No. 1340 / 81 OG No. 27, 2752 (July 8, 1985)
AN ACT AMENDING CERTAIN SECTIONS OF PRESIDENTIAL DECREE NUMBERED FOURTEEN HUNDRED AND SIXTY, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978
SECTION 1. Section Twenty-seven of Presidential Decree Numbered
Fourteen hundred and sixty, otherwise known as the Insurance Code of
1978, is hereby amended to read as follows:
"SECTION 27. A concealment whether intentional or unintentional
entitles the injured party to rescind a contract of insurance."
SEC. 2. Section Forty-five of the same Code is amended to read as
"SECTION 45. If a representation is false in a material point,
whether affirmative or promissory, the injured party is entitled to
rescind the contract from the time when the representation becomes
false. The right to rescind granted by this Code to the insurer is
waived by the acceptance of premium payments despite knowledge of the
ground for rescission."
SEC. 3. Section one hundred eighty of the same Code is amended by
inserting as Section 180-A thereof the following:
"SECTION 180-A. The insurer in a life insurance contract shall be
liable in case of suicides only when it is committed after the policy
has been in force for a period of two years from the date of its issue
or of its last reinstatement, unless the policy provides a shorter
period: Provided, however, That suicide committed in the state
of insanity shall be compensable regardless of the date of commission."
SEC. 4. Section Three hundred eighty-four of same Code is hereby
amended to read as follows:
"SECTION 384. Any person having any claim upon the policy issued
pursuant to this Chapter shall, without any unnecessary delay, present
to the insurance company concerned a written notice of claim setting
forth the nature, extent and duration of the injuries sustained as
certified by a duly licensed physician. Notice of claim must be filed
within six months from date of accident, otherwise, the claim shall be
deemed waived. Action or suit for recovery of damage due to loss or
inquiry must be brought in proper cases, with the Commissioner or the
Courts within one year from denial of the claim, otherwise the
claimant's right of action shall prescribe."
SEC. 5. The seventh paragraph, Section Four hundred sixteen of the
same Code is amended to read as follows:
"Any decision, order or ruling rendered by the Commission after a
hearing shall have the force and effect of a judgment. Any party may
appeal from a final order, ruling or decision of the Commissioner by
filing with the Commissioner within thirty days from receipt of copy of
such order, ruling or decision a notice of appeal to the Intermediate
Appellate Court in the manner provided for in the Rules of Court for
appeals from the Regional Trial Court to the Intermediate Appellate
SEC. 6. Any provision of law, decree, rule or regulation or any
portion thereof which is inconsistent with this Act is hereby repealed.
SEC. 7. This Act shall take effect immediately upon its approval.
Approved: June 12, 1985.
Source: Supreme Court E-Library