Section 116. Types of Insurance Provided. Under the cooperative insurance program established
and formed by virtue of the provisions of this Code, the cooperative insurance societies 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 accident coverage, fire insurance, motor vehicle coverage, bonding,
crop and livestock protection and equipment insurance.

Section 117. Applicability of Insurance Laws. The provisions of the Insurance Code and all other
laws and regulations relative to the organization and operation of an insurance company shall
apply to cooperative insurance entities organized under this Code. The requirements on
capitalization, investments and reserves of insurance firms may be liberally modified upon
consultation with the Cooperative Development Authority and the cooperative sector. But in no
case may the requirements be reduced to less than half of those provided for under the Insurance
Code and other related laws.

Section 118. Implementing Rules. The Insurance Commission, upon consultation with the
Cooperative Development Authority and the cooperative sector, shall formulate the rules and
regulations implementing these provisions.

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