What is the rule concerning the primary authority over special corporations like banks and insurance companies?
Nothing in this law shall be construed as amending existing provisions of special laws governing the registration, regulation, monitoring, and supervision of special corporations such as banks, nonbank financial institutions, and insurance companies (SEC. 183, Revised Corporation Code of the Philippines). Notwithstanding any contrary provision in the Code, regulators such as the Bangko Sentral ng Pilipinas and the Insurance SEC shall exercise primary authority over special corporations under their supervision and regulation. The Code serves merely as a general framework, yielding specialized control to these primary regulatory agencies. This ensures expert oversight for industries deemed critical to the national economy.
31 October 2025
About Nicolas and De Vega Law Offices
Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
