Title 3 : RESIDENT AGENTS

Sec. 313. No person shall act as resident agent, as hereinafter defined, unless he is registered as such with the Commissioner.

Sec. 314. The term "resident agent", as used in this title, is one duly appointed by a foreign insurer or broker not authorized to do business in the Philippines to receive in its behalf notices, summons and legal processes in connection with actions or other legal proceedings against such foreign insurer or broker.

Sec. 315. The application for a certificate of registration as resident agent filed with the Commissioner must be accompanied with:

(a) a copy of the power of attorney, duly notarized and authenticated by the Philippine Consul in the place where such foreign insurer or broker is domiciled, empowering the applicant to act as resident agent and to receive notices, summons and legal processes for and in behalf of such foreign insurer or broker in connection with any action or legal proceeding against such foreign insurer or broker; and

(b) a copy of the corresponding certificate issued by the Board of Investments as required under Section 4 of Republic Act No. 5455, if such foreign insurer or broker is not otherwise exempt from such requirement.

Sec. 316. It shall be the duty of such resident agent to notify immediately the Commissioner of any change of his office address.

Sec. 317. A certificate of registration issued to a resident agent shall expire on the thirtieth day of June of the year following its issuance unless it is renewed.

The Commissioner may, after due notice and hearing, recall or cancel the certificate of registration issued to a resident agent for violation of any existing law, rule or regulation, or any provision of this Code. (As amended by Presidential Decree No. 1455).