State Insurance Department
The State Insurance Department came into existence in the erstwhile Travancore State in 1896. The Kerala State Insurance Department is a composite insurer doing both life insurance business and general insurance business. It is empowered to carry on General Insurance of any subject in which State Government has substantial financial interest. The General Insurance Business underwritten by the Department is reinsured with General Insurance Corporation of India and its four Subsidiary Companies. Section 44 (f) of the LIC Act, 1956 provides the Department to underwrite Life Insurance Policies of the Government Employees.
The Organization Structure of State Insurance Department consists of Directorate in Thiruvananthapuram and District Offices in the 14 Districts in the State.
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FUNCTIONS & Functional Branches
State Life Insurance (Official Branch)
Group Insurance Branch: The Kerala State Group Insurance Scheme came into Force from the first day of September, 1984 vide G.O (P) No.392/84/Fin dated 09/08/1984. The sceme is intended to provide for the sate employees, at a low cost and on a wholly contributory and self financing basis, the twin benefits of an insurance cover to help their family in the event of death while in service and lumpsum payment to augment their resources on retirement. The employees are grouped as A, B, C and D, with different subscription rates, based on their scale of pay.
General Insurance Branch
The General Insurance Branch consists of the following Sub Branches
Fire Insurance Branch: The Kerala State Insurance Department is empowered to underwrite fire insurance business of the industrial concerns and corporations owned by Government of Kerala and those in which Government have got substantial financial interest. Those who have got financial assistance from the Kerala Financial Corporation, Kerala State Financial Enterprises Ltd, Kerala State Industrial Development Corporation and from the Department of Industries and Commerce have to insure their buildings, plant and machinary etc. with this department. Besides cover against fire riska, coverage against allied perils such as Riot and Strike damage risks, explosion risks, cover against flood and natural calamities are offered to the insured.
Marine Insurance Branch: The main classes of insurance business transacted by this branch are (1) Marine Hull Insurance (2) Marine Cargo Ocean Voyage (Costal Voyage) Insurance (3) Rail and Road Transit Risk Insurance
Miscellaneous Insurance Branch: The business of this Branch may include the insurance items like (1) Boiler Explosion Insurance (2) Burglary Insurance (3) Cash in Transit and Cash in Safe Insurance (4) Public Liability Insurance (6) Air Craft Insurance (7) Workmen Compensation Insurance (8) Employee Liability Insurance (9) Fidelity Guarantee Insurance etc.
Act Liability Insurance: The State Insurance Department continued the issue of Act Liability Insurance Policies in respect of vehicles belonging to the concerns fully owned by the Government of Kerala and those belong to the concerns in which Government have got substantial financial interest.
Motor Accident Claims Tribunal Cases: This wing deals with the cases in various Motor Accident Claims Tribunals in and out of the State.
Payment of Relief to Victims of Motor Accidents : This branch deals with the payment of relief to the victims of Motor Accidents or to the legal heirs of the deceased as contemplated in G.O (Ms) No.235/76/Fin dated 05/08/1976.
Kerala State Advocate Clerks Welfare Fund Scheme
Kerala State Crop Insurance Fund: This Branch deals with the Crop Insurance cover to the farmers who availed loans for cultivation in Kerala from the Co-operative Institutions, Commercial Banks, and Regional and Rural Banks. The scheme ensures compensation for loss due to natural calamities.