Insurance Code (usually included in commercial codals)
Section 281. Any person, partnership, association, or corporation authorized to transact solely reinsurance business must have a paid-up capital stock of at least ten million pesos, twenty-five per centum of which must be invested in securities satisfactory to the Commissioner, consisting of bonds or other evidences of debt of the Government of the Philippines or its political subdivisions or instrumentalities, or of government-owned or controlled corporations and entities, including the Central Bank of the Philippines, and deposited with the Commissioner, and the remaining seventy-five per centum in such other securities as may be allowed and permitted by the Commissioner, which securities shall at all times be maintained free from any lien or encumbrance; Provided, That reinsurers already doing business as such in the Philippines shall comply with the requirement of this section by increasing their respective capital as herein provided not later than December thirty-one, nineteen hundred eighty; Provided, Further, That the provisions of this chapter applicable to insurance companies shall so far as practicable be likewise applicable to professional reinsurers. (As amended by Presidential Decree No. 1455)