REPUBLIC ACT NO. 1377 - AN
ACT TO AMEND SECTION TWENTY OF COMMONWEALTH ACT NUMBERED ONE HUNDRED
EIGHTY-SIX, AS AMENDED BY REPUBLIC ACT NUMBERED SIX HUNDRED SIXTY,
ENTITLED "AN ACT TO CREATE AND ESTABLISH A 'GOVERNMENT SERVICE
INSURANCE SYSTEM' TO PROVIDE FOR ITS ADMINISTRATION AND TO APPROPRIATE
THE NECESSARY FUNDS THEREFOR" |
Section 1.
Section twenty of Commonwealth Act Numbered One hundred eighty-six, as
amended by Republic Act Numbered Six hundred sixty, is hereby amended
to read as follows: "Sec. 20.
Auditing and legal service. – The Auditor General and the Secretary of
Justice shall be the ex-officio Auditor and Legal Adviser of the
System, respectively. The Auditor General, or his authorized
representative, shall submit to the Board soon after the close of each
fiscal year audited statements showing the financial condition and
progress of the System for the fiscal year just closed, and the Actuary
shall make, as of the end of each fiscal year, an actuarial examination
and valuation of the System: Provided, however, That the Insurance
Commissioner or his authorized representatives shall make an
examination into the financial condition and methods of transacting
business of the system at least once in two years and the report of
said examination shall be submitted to the board and copies thereof be
furnished the Congress and the Office of the President of the
Philippines within a reasonable time after the close of the
examination: And provided, finally, That for each examination the
system shall apply to the Office of the Insurance Commissioner an
amount equal to the actual expenses of said office in the conduct of
the examination, including the salaries of the examiners and of the
actuary of said office who have been assigned to make such examination
for the actual time spent in said examination." Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 18, 1955 |