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DIRECTORATE OF INSURANCE (GOVT.INSURANCE FUND)
The Government Insurance Fund of the Government of Gujarat was established
with effect from 1st May, 1960 by the Government vide Finance Department.
Resolution No. AIF-2060/G, dated 19th July, 1960, reproduced vide Annexure-I
with a view to act as an Insurer for all Government Commercial and Industrial
Schemes. The ‘Fund’ is administered by the Director of Insurance,
Gujarat State as per Government Resolution No. SMV-1175/4234-Z, dated 20th
November, 1975 Annexure-II.
The GIF is exempted from the provisions of the Insurance Act, 1938 vide
section 118(C) of said Act. However certain sections of the Insurance Act,
1938 have been made applicable to GIF. The GIF is registered insurer under
section 3 of the Insurance Act 1938 and is authorised to transact the general
insurance business, as defined under section 3 (G) of General Insurance
Business (Nationalization) Act, 1972, by way of exemption granted under
section 36 of General Insurance Business (Nationalization) Act, 1972. Accordingly
the GIF is authorised to underwrite the insurance of the properties belonging
to Government, Semi-Government bodies, or any boards or body corporate established
by the Government of Gujarat under any statute or any industrial or Commercial
undertaking in which the Government of Gujarat has substantial financial
interest as shareholder, lender or grantor as per Government of India, Ministry
of Finance, New Delhi’s order No. 51(2) Ins-1/78 dated 27/3/1979,
GRFD No. VNM-1094-1117-VS-1 dated 15/2/1995 and F.D.’s circular No.
JNV-102001-1089-A dated 24/5/2001.
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