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Nov 2014 GIC Re is working on the establishment of a special fund to cover the whole national population against natural disasters, according to a statement of its Board's Chairman, A. K. Roy.
The fund shall be financed by premiums collected for the "catastrophe" guarantee, which should be totally separated from the "fire and property" guarantee it is currently linked to.
The fund is an option in study, has confirmed T.S. Vijayan, Chairman of the regulation authority (IRDA).