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Philippine American Life Insurance Company vs. Auditor General

THE PHILIPPINE AMERICAN LIFE INSURANCE COMPANY, petitioner, vs. THE AUDITOR GENERAL, respondent.

G.R. No. L-19255 | 1968-01-18

D E C I S I O N 


SANCHEZ, J.: 

Broadly stated, petitioner's appeal challenges the correctness of the Auditor General's ruling that "remittances of premia on insurance policies issued or renewed on or after July 16, 1959, or even if issued or renewed before the said date, but their reinsurance was effected only thereafter, are not exempt from the margin fee, even if the reinsurance treaty under which they are reinsured was approved by the Central Bank before July 16, 1959." So stated, the case calls into question the applicability of Section 3 of the Margin Law (Republic Act 2609, approved on July 16, 1959) which exempts certain...