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Republic of the Philippines vs. Del Monte Motors, Inc.

REPUBLIC OF THE PHILIPPINES, Represented by EDUARDO T. MALINIS, in His Capacity as Insurance Commissioner, Petitioner, versus DEL MONTE MOTORS, INC., Respondent.

G.R. No. 156956 | 2006-10-09

FIRST DIVISION
 
DECISION
 
PANGANIBAN, CJ:
 
The securities required by the Insurance Code to be deposited with the Insurance Commissioner are intended to answer for the claims of all policy holders in the event that the depositing insurance company becomes insolvent or otherwise unable to satisfy their claims. The security deposit must be ratably distributed among all the insured who are entitled to their respective shares; it cannot be garnished or levied upon by a single claimant, to the detriment of the others.
 
The Case
 
Before us is a Petition for Review[1] under Rule 45 of the Rules of Court, seeking to reverse the...