Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Section two hundred and fifty-eight of Commonwealth Act Numbered Four hundred and sixty-six is hereby amended to read as follows:

"SEC. 258. Tax due from agents of foreign insurance companies.-Every fire, marine, or miscellaneous insurance agent authorized under section one hundred ninety-two of Act Numbered Two thousand four hundred and twenty-seven, as amended by Acts Numbered Two thousand six hundred and forty-eight and Three thousand five hundred and seventy-five to procure policies of insurance as he may have previously been legally authorized to transact on risks located in the Philippines for companies not authorized to transact business in the Philippines, shall likewise make a yearly report to the Collector of Internal Revenue At the time and in the manner prescribed in section two hundred fifty-seven, showing the entire amount of all premiums received by the company he represents under the authority of the Insurance Law. And such agent shall pay to the Collector of Internal Revenue a tax equal to twice the tax imposed in section two hundred fifty-five which tax shall be paid at the same time and be subject to the same penalty for delinquency as the tax imposed by said section; Provided, however, That the provisions of this section shall not apply to reinsurance: And provided, further, That the prohibitions of this section shall not affect the right of an owner of property to apply for and obtain for himself policies in foreign companies in cases where said owner does not make use of the services of any agent, company, or corporation residing or doing business in the Philippines. In all cases where owners of property obtain insurance directly with foreign companies, it shall be the duty of said owners to report to the Insurance Commissioner and to the Collector of Internal Revenue each case where insurance has been so effected, and shall pay the tax of three per centum on premiums paid, in the manner required by section two hundred and fifty-five of insurance companies, and shall be subject to the same penalty for failure to do so."

SEC. 2. This Act shall take effect upon its approval.

Approved, August 11, 1950.