An Act to Create and Establish a “Property Insurance Fund” and to Provide for its Administration and for other Purposes”
Section 1. This Act shall be known as the “Property Insurance Law.”
Section 2. In order to indemnify or compensate the Government as defined in this Act for any damage to, or loss of, its properties due to fire, earthquake, storm, or other casualty there is hereby established the “Property Insurance Fund”, which shall consist of all moneys resulting from the liquidation of the insurance constituted in section three hundred forty of the Revised Administrative Code and from premiums and other incomes.
Amending Section Three of Republic Act Numbered Six Hundred and Fifty-Six, otherwise known as the “Property Insurance Law”, and other Purposes.
WHEREAS, under Republic Act 656, the Property Insurance Fund was established and placed under the administration of the Government Service Insurance System, which Fund is separate, segregated, and distinct from the trust funds of government employees comprising the Life Insurance Fund and the Retirement Insurance Fund as established by Commonwealth Act 186, as amended, and from the Medicare Fund as established by Republic Act 6111;
Prescribing Guidelines for the Insurance of all Properties, Contracts, Rights of Action and other Insurance Risks of the Government, including those in which the Government has an Insurable Interest, with the General Insurance Fund of the Government Service Insurance System.
WHEREAS, under Republic Act No. 656, as amended, the Government, except a municipal government below first class, is required to insure its properties with the General Insurance Fund against any insurable risk;