Presidential Decree No. 317

Section 200(B).1. of the same Act, as amended, is further amended by adding thereto the following.

"Provided, That this requirement shall not apply to cooperatives undertaking assurance on the life, health, property and other risks of its members and/or those of the individual members of the member-societies. Investment of funds of insurance cooperatives shall be under the supervision, direction and control of the Department of Local Government and Community Development through the Bureau of Cooperatives taking into consideration the declared investment, monetary, credit and fiscal policies of the Government."

Section 189 of the same Act, as amended, is amended by adding another paragraph immediately following the first paragraph and to read as follows:

"The Insurance Commissioner shall, upon recommendation and certification of the Department of Local Government and Community Development through the Bureau of Cooperatives on the qualification of a cooperative society which is a member of an insurance cooperative, issue a certificate of authority to such cooperative society to act as agent, general or commission or sub-agent, or broker for an insurance cooperative of which it is a member, in the solicitation or procurement of application for insurance. With respect to individual persons applying for authority to act as such agent, sub-agent or broker of an insurance cooperative the issuance of the certificate of authority shall be lodged exclusively to the determination and discretion of the Insurance Commissioner."

All laws, executive orders, rules and regulations or parts thereof inconsistent with this Decree are hereby repealed and/or modified accordingly.

This Decree shall take effect immediately.