MISCELLANEOUS PROVISIONS

Sec. 419. Any person, company or corporation subject to the supervision and control of the Commissioner who violates any provision of this Code, for which no penalty is provided, shall be deemed guilty of a penal offense, and upon conviction be punished by a fine not exceeding ten thousand pesos or imprisonment of six months, or both, at the discretion of the court.

If the offense is committed by a company or corporation, the officers, directors, or other persons responsible for its operation, management, or administration, unless it can be proved that they have taken no part in the commission of the offense, shall likewise be guilty of a penal offense, and upon conviction be punished by a fine not exceeding ten thousand pesos or imprisonment of six months, or both, at the discretion of the court.

Sec. 420. All criminal actions for the violation of any of the provisions of this Code shall prescribed after three years from the discovery of such violation: Provided, That such actions shall in any event prescribe after ten years from the commission of such violation.

Sec. 421. Any person, partnership, association or corporation heretofore authorized, licensed or registered by the Insurance Commissioner shall be deemed to have been authorized, licensed or registered under the provisions of this Code and shall be governed by the provisions thereof: Provided, however, That where any such person, partnership, association or corporation is affected by the new requirements of this Code, said person, partnership association or corporation shall, unless otherwise herein provided, be given a period of one year from the effectivity of this Code within which to comply with the same.

Sec. 422. Except as expressly provided by this Code, all laws or parts thereof inconsistent with any provision of this Code shall be deemed repealed.

Sec. 423. Should any provisions of this Code or any part thereof be declared invalid, the other provisions, so far as they are separable from the invalid ones, shall remain in force.

Sec. 424. This Code shall take effect immediately.

DONE in the City of Manila, this 18th day of December, in the year of Our Lord, nineteen hundred and seventy-four.

FERDINAND E. MARCOS
President