(NAR) VOL. 5 NO. 4 / OCTOBER - DECEMBER 1994
"3. Qualification of Applicant
Only those among the top two hundred (200) foreign insurance or reinsurance companies or intermediaries in the world or the top ten (10) in their country of origin and have been doing business for the last ten (10) years as of the date of application shall be allowed entry.
To qualify as a branch or as a new company incorporated in the Philippines, the applicant must be widely-owned and/or publicly listed in its country of origin unless it is majority owned by the government.
This Order shall take effect immediately.
Adopted: 18 Nov. 1994
(SGD.) ROBERTO F. DE OCAMPO
Secretary