This Act took effect on Jand repealed the provisions of the Spanish Code of Commerce on Insurance. Shortly after, the Insular Life Assurance Co., Ltd., the first domestic life insurance company in the country, was established in 1910.ĭue to the fast-paced growth of the insurance industry in the Philippines, the Philippine Legislature, on December 11, 1914, enacted Act 2427, also known as the Insurance Act. Not long after, in 1906, the first domestic non-life insurance company, the Yek Tong Lin Insurance Company, was organized. In 1898, life insurance was introduced with the entry of Sun Life Assurance of Canada in the local insurance market. in the Philippines Islands stimulated the influx of foreign insurance companies in the country. The introduction of the concept of insurance protection brought about by the establishment of Strachman, Murray & Co., Inc. During the Spanish colonization, the laws on insurance were found in Title VII of Book II and Section III of Title III of Book III of the Spanish Code of Commerce and in Chapters II and IV of Tile XII of Book IV of the Spanish Civil Code of 1889. Along with the introduction of the insurance industry in the country came the need for laws to regulate it.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |