Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

Can a bank enter into a contract of insurance?

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Can a bank enter into a contract of insurance? on Fri Jul 27, 2012 10:32 pm

uraharasan


Arresto Menor
can someone give me legal basis under banking laws? Crying or Very sad

View user profile

tatak


Arresto Mayor
as an INSURED --- YES

as an INSURER --- NO


ra8719

Sec. 54. Prohibition to Act as Insurer. - A bank shall not directly engage in insurance businessas the insurer.

*Includes:

a)making or proposing to make, as insurer, any insurance contract
b)making or proposing to make, as surety, any contract of suretyship as a vocation andnot as merely incidental to any other legitimate business or activity of the surety
c)doing any kind of business, including a reinsurance business, specifically recognizedas constituting the doing of an insurance business within the meaning of the Insurance Code
d)doing or proposing to do any business in substance equivalent to any of the foregoingin a manner designed to evade the provisions of the Insurance Code



View user profile http://bar2012.blogspot.com/

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum