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Saturday 26 August 2017

Group Insurance Scheme - Revised Rate of Interest on Fund-AP GIS Maturity values G.O.MS.No.122,dated.19.07.2017

G.O.MS.No. 122 Dated: 19-07-2017
Read the following:-
1., Finance (Admn.DI&IF) Department dt. 11- 07-2017
2. Lr.No.01/GIS-I/2012-13, dated 30-06-2017 of Director of Insurance., AP. Ibrhimpatanam.
O R D E R:
In the reference 1st read above, revised rates of interest for 1st Quarter of the calendar year 2017 i.e 01-01-2017 to 31-03-2017 on the Andhra Pradesh Group Insurance Savings Funds have been issued.
2. In the reference 2nd read above, the Director of Insurance while enclosing the revised tables of the Group Insurance Scheme @ 7.9% for second Quarter of the Calendar year 2017 has requested to approve the same and issue instructions that has to be followed scrupulously as detailed below.
• The Sanctioning Authorities/Drawing and Disbursement Officers / Treasury Officers/ District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep in view
of the appended Table while sanctioning and making the final payments under Group Insurance Scheme for proper implementation of the scheme.
• The Head of the Department / Drawing and Disbursement Officer shall be held responsible for sanctioning the Group Insurance Scheme final payments. If any excess payments are found, the
difference amount shall be collected from the sanctioning authority and such Officers are liable for disciplinary action.
• The Drawing and Disbursement Officer shall recover the correct rate of subscription according to the eligible group of the employees. For any excess / less recovery, the Drawing and Disbursement Officer concerned shall be held responsible.
• The Head of the Department concerned shall take action against the erring officials who are responsible for the excess / less recoveries wherever they are detected.
• Any excess payment made, if found during the Audit by the Directorate of Insurance, the same shall be immediately recovered from the concerned and remitted through Challan to the concerned
Head of Account by the Drawing and Disbursement Officer and the fact of remittance shall invariably be communicated to the Directorate of Insurance.
• If an employee’s subscription is not recovered during his/her Service Period, the total subscription along with interest shall be recovered from the payments admissible to them.
• All the Heads of Offices should take prompt action for recording the necessary subscription entries in the Service Registers of the employees under proper attestation every year and a certificate shall
be recorded in the Service Book of each employee that subscription to the Scheme at the appropriate rates have been recovered. The entries shall be attested by the Drawing and Disbursing Officer.
• As per G.O.Ms. No. 910, Finance (Admn.II) Department, dated: 28.10.2002. “Sanctioning authority shall send a copy of sanction orders of the Group Insurance Scheme Payment including
calculation slip to the Directorate of Insurance for verification”.
3. In view of the above circumstances stated above and after careful examination of the matter, Government hereby order that, the revised rates of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 7.9% per annum and these simplified Tables are
applicable to those who are retired/deceased from 01.04.2017 to 30.06.2017. The Table is revised and issued for the periods covering from 01.04.2017 to 30.06.2017. (The revised Table is appended to
the GO along with calculation Sheets). Further,it is ordered that instructions prescribed at para 2nd read above, should be followed scrupulously
4. The Director of Insurance, Andhra Pradesh, Amaravati, Ibrahimpatnam shall take further necessary action accordingly and conduct a regular Audit of all claims paid under Group Insurance Scheme
and send a report to the Head of the Department concerned.
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