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Article: GSIS tells NPC: Don't meddle in reinsurance.(Business)
- Article from:
- Manila Bulletin
- Article date:
- August 30, 2001
CopyrightCOPYRIGHT 2001 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Government Service Insurance System (GSIS) told the National Power Corporation yesterday that GSIS has the ''sole responsibility to secure all properties of government agencies and government-owned and -controlled corporations, in accordance with Republic Act 656, or the Property Insurance Law.''
Thus declared Winston F. Garcia, GSIS president and general manager, hoping to end the debate raging between the GSIS and the NPC, as to which organization can rightfully secure the reinsurance of government assets, specifically Napocor's $10 billion insurance policy.
"The law is clear and unequivocal about which entity has the responsibility to insure, and ...