This case has been cited 1 times or more.
|
2013-11-20 |
PERLAS-BERNABE, J. |
||||
| On January 11, 2002, the RTC issued an Order[37] (January 11, 2002 Order) granting PGAI's Motion for Judgment on the Pleadings. It observed that the admissions of GSIS that it paid the first three quarterly reinsurance premiums to PGAI affirmed the validity of the contract of reinsurance between them. As such, GSIS cannot now renege on its obligation to remit the last and remaining quarterly reinsurance premium.[38] It further pointed out that while it is true that the payment of the premium is a requisite for the validity of an insurance contract as provided under Section 77 of Presidential Decree No. (PD) 612,[39] otherwise known as "The Insurance Code," it was held in Makati Tuscany Condominium Corp. v. CA[40] (Makati Tuscany) that insurance policies are valid even if the premiums were paid in installments, as in this case.[41] Thus, in view of the foregoing, the RTC ordered GSIS to pay PGAI the last quarter reinsurance premium in the sum of ?32,885,894.52, including interests amounting to ?6,519,515.91 as of July 31, 2000 until full payment, attorney's fees, and costs of suit.[42] Dissatisfied, GSIS filed a notice of appeal.[43] | |||||