AC507
Powers and Authority
GSIS is empowered and authorized to do the following:
a. engage in the business and operation of all kinds of insurance and reinsurance and all other forms of undertakings to indemnify any person or property against loss, damage, or liability, including third party liability, arising from unknown or contingent events;
b. reinsure with and accept reinsurance from insurance and reinsurance companies in the Philippines and abroad;
c. issue policies denominated in any foreign currency;
d. issue surety and/or performance bonds both in Philippine peso and/or in any foreign currency;
e. insure all insurable assets serving as collaterals for loans extended by government financial institutions; and
f. apportion among the governments any disposable surplus that it may declare from the operations of the Fund.
Functions
a. Identify and provide promptly all government property and projects with the proper risk analysis and adequacy of insurance cover thru effective strategies and operational tactics;
b. Adopt at all times the correct rates, terms and conditions, clauses and warranties on all tariff and non-tariff business;
c. Settle all justifiable claims judiciously and within specified timeframes and quality standards;
d. Reinsure the appropriate amounts with stable and credible reinsurers at the proper time; and
e. Collect all monies due the Government Insurance Fund when these become due and demandable.
The GSIS is a social insurance institution created under Commonwealth Act Number 186 that was passed on November 14, 1936. To secure the future of all employees of the Philippine government, it provides and administers a pension fund that has the following social security benefits: compulsory life insurance, optional life insurance, retirement benefits, and disability benefits for work-related accidents and death benefits.
Likewise, the GSIS manages the General Insurance Fund as mandated by Republic Act 696 or the Property Insurance
GSIS is empowered and authorized to do the following:
a. engage in the business and operation of all kinds of insurance and reinsurance and all other forms of undertakings to indemnify any person or property against loss, damage, or liability, including third party liability, arising from unknown or contingent events;
b. reinsure with and accept reinsurance from insurance and reinsurance companies in the Philippines and abroad;
c. issue policies denominated in any foreign currency;
d. issue surety and/or performance bonds both in Philippine peso and/or in any foreign currency;
e. insure all insurable assets serving as collaterals for loans extended by government financial institutions; and
f. apportion among the governments any disposable surplus that it may declare from the operations of the Fund.
Functions
a. Identify and provide promptly all government property and projects with the proper risk analysis and adequacy of insurance cover thru effective strategies and operational tactics;
b. Adopt at all times the correct rates, terms and conditions, clauses and warranties on all tariff and non-tariff business;
c. Settle all justifiable claims judiciously and within specified timeframes and quality standards;
d. Reinsure the appropriate amounts with stable and credible reinsurers at the proper time; and
e. Collect all monies due the Government Insurance Fund when these become due and demandable.
The GSIS is a social insurance institution created under Commonwealth Act Number 186 that was passed on November 14, 1936. To secure the future of all employees of the Philippine government, it provides and administers a pension fund that has the following social security benefits: compulsory life insurance, optional life insurance, retirement benefits, and disability benefits for work-related accidents and death benefits.
Likewise, the GSIS manages the General Insurance Fund as mandated by Republic Act 696 or the Property Insurance