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| HOD's>Directorate
of Insurance> Role of GIF |
Role of GIF
GIF can insure the properties/interests belonging to State Government undertaking
owned wholly or mainly by the State Government or properties belonging to
Semi-Government bodies or any board or body corporate established by State
Government under any industrial or commercial undertaking in which State
Government has directly or indirectly acquired substantial financial interest
whether as shareholder, lender or grantor or properties/interests acquired/created
by individuals/Associations/subsidiaries created by any board/bodies/corporation/Co-operative
and/or industrial/commercial undertaking/ institutions etc., with the help
of direct and/or indirect financial loans/advances/guarantors etc., from
the State Government. However as GIF has one office in Gandhinagar while
its consumer spread all over Gujarat according to the Finance Department’s
resolution No. VNM-1094-1117-VS-1 dated 15/2/1995 GIF can go into Co-Insurance
with Public Sector General Insurance Company as well as Private Sector General
Insurance Companies. The sharing in Co-Insurance will be 45% share of GIF
and 55% share to respective General Insurance Company.
GIF also Re-Insure or Co-Insure bigger or hazardous risks with other Insurers
and ensure wider spread of risk which is an essential principle of General
Insurance.
Claims are also processed and settled in the same fashion as are processed
by subsidiary of General Insurance Corporation of India. |
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Organisation Structure 
