THE Pinuippines § 39:29 9. Compulsory life insurance benefits.” $39:26 Social Insurance—Social Security System It is;compulsory for all employees of private employers who are not more than 60 years of age and self-employed persons to be” “members of the Social Security System,’ Th t d the self-emplo: ti the Social Security System. Brauts its members the following benefits: 1. Monthly pension; 2. Permanent disability benefits;* 3. Funeral benefits: 4, Sickness benefits: and 5. Maternity leave benefits” § 39:27 Social Insurance—Insurance of Bank Deposits It is required for“all banks to insure the deposits of their clients 1p to the amou of P 500,000 with the P e Philippine Deposit Insur-- Wiescarecsien against loss in case of closure of a bank because sof insolvency." §39:28 Social Insurance—Crop Insurance The Philippine Crop Insurance Corporation is required:to ‘insure fai gainst losses arising from natural ea! finiies plant diseases, and pest infestations.” §39:29 Social Insurance—Insurance Cooperatives ‘Fifteen or more cooperatives registered with the Codperative Revised Government Service Insurance Act, section 24. {Section 39:26] ‘Social Security Law, sections 9 and 9A *Social Security Law, section 18, Social Security Law. section 12, “Social Security Law, section 13-A. ‘Social Security Law, section 13-B. *Social Security Law, section 14 "Social Security Law, section 14-4. [Section 39:27] SRepublic Act Number 3591, as amended, sections 31g), 4(g), and 10(c). [Section 39:28) ‘Rovised Charter of the Philippine Crop Insurance Corporation, section 3 479 J el§ 39:29 Internationa Insurance Law & REGuLation Development Authority may organize as an insurance cooperative." A cooperative is an autonomous and duly registers ,B8sociation of persons, with a common bo: dof iaterdars WE eee oluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making cquitable contributions” to the capital required, patronizing their products and services, and accepting a fair share of the risks and benefit of the undertak- ing in accordance with the universally accepted cooperative principles.’ An insurance cooperative is one engaged in the business of . insuring life and property of cooperatives and their members.? An insurance cooperative shall provide its constituting members different types of insurance coverage consisting of, but not limited to, life insurance with special group coverage, loan protection, retirement plans, endowment with health and ac- cident coverage, fire insurance, motor vehicle coverage, bonding, crop and livestock protection and equipment insurance.” “It may also provide micro-insurance”and micro-insurance »products.* Micro-insurance refers to specific insurance, insurance- like, and other similar products and services th ial product or service that meets the risk protection needs where the amount of the premiums, contributions, fees or charges computed on a daily basis does not exceed five per cent of the current daily minimum wage rate for non-agricultural workers in Metropolitan Manila and the maximum sum of guaranteed benefits is not more than 500 times the daily minimum wage rate for non-agricultural workers in Metropolitan Manila.” WAn insurance cooperati ‘ive must have a minimum paidaip [Section 39:29] : "Rules and Regulations Impt pine Caoperetive Gage, Rule TL *philippine Cooperative Code, article 3. pine Cooperative Code, article 23tq) spine Cooperative Code, articte 106. Rules and Reulitions Implementing the Special Provisions of the Philip: Cooperative Code, Rule III, section “rales and Regulations Implementing the Special Provisions of the Philip- pine Cooperative Code, Rule I, section 2 (42) TRulen and Regulations Implementing the Special Provisions of the Philip- pine Cooperative Code, Rule II, section 2649) -menting the Special Provisions of the Philip- tion 2, 480Tae Prmuprines § 39:30 zation of P125,000,000. This requirement may bé modified no may the requirement to less than one-half? ni n ; x |, insur nce cooperatives must secure ar cert fentetoapbianty te engage in the insurance business from u ommission.' §39:30 Medical Insurance cate nn ts are eared be evra bythe National tealth Insurance Program, which is administered by the P. - “pine Health Insurarice Corporation." The National Health Insurance Program is’limited to payment for the use of health services by the beneficiaries nal tne mptucrshace of health services on behalf of the beneficiaries. It is ited from ing health care directly, from buying and’ Ba pene ay aig eel cared ronabag ine ‘physicians and othe professionals to render care direc! ly, and from owning or inv. i in health care facilities.? The health service granted to the members and their dependents includes the following: 1, In-patient hospital care, including: (a) In-patient hospital care; (b) room and board, (c)_ services of health eare professionals, (d) diagnostic, laboratory, and other medical examination services, (e) use of surgical or medical equipment and facilities, (© prescription drugs and biological items, subject to limi- tations, and (g) in-patient education packages; 2. Out-patient care, including (a) services of health care professionals, (b) diagnostic, laboratory, and other medical examination services, (c) personal preventive services, and (4) prescription drugs and biological items, subject to limi- tations; “Rules and Regulations Implementing pine Cooperative Code, Rule Il, section 6. *Rules and Regulations Implementin pine Cooperative Code, Rule If, nection 7, (Section 39:301 ‘National Health Ingurance Act, sections 6 and 14 *National Health Insurance Act, section 5. the Special Provisions of the Phitip. the Special Provisions of the Philip: