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[ LETTER OF INSTRUCTIONS NO. 596, September 09, 1977 ]
AUTHORIZING THE ARMED FORCES OF THE PHILIPPINES MUTUAL BENEFIT ASSOCIATION, INCORPORATED TO ENGAGE IN NON-LIFE INSURANCE.
| TO: | The Insurance Commissioner PPL Building, United Nations Avenue, Metro Manila. |
WHEREAS, the Armed Forces of the Philippines Mutual Benefit Association, Incorporated (AFPMBAI) has been performing services vital to the morale and welfare of the AFP members and the Integrated National Police (INP) and their families by providing death benefits under its basic insurance coverage and special group term insurance provided for by PD NO. 352 as well as optional insurance and other benefits;
WHEREAS, it is necessary that the AFPMBAI be granted additional powers to enable said entity to engage in activities which will provide additional benefits to AFP members;
WHEREAS, an activity in which the AFPMBAI may engage in is by providing non-life insurance coverage that will be limited to the properties of the AFP and the members of the AFP and INP;
WHEREAS, under the letter order of the Chief of Staff, AFP and Presidential LOI NO. 333, the AFPMBAI was placed under the management, operation, and control of the Chief of Staff, and has been operating as an integral part or unit of the AFP;
WHEREAS, the AFPMBAI as a mutual benefit association authorized to engage in life insurance may not be eligible for a license as a non-life insurance company under the Insurance Code.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby direct the issuance of a license to the AFPMBAI to engage in non-life insurance business that will be limited to the properties of the AFP and the members of the AFP and INP, which shall be in addition to the powers now exercised by the said entity under its license as a mutual benefit association, and that the issuance of such license shall be subject to the conditions provided for under the Insurance Code with respect to insurance corporations for the licensing of non-life companies.
Done in the City of Manila, this 9th day of September, in the year of Our Lord, nineteen hundred and seventy-seven.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
President of the Philippines