The GSIS, created by Commonwealth Act No. 186 passed on November 14, 1936 is mandated to provide and administer the following social security benefits for government employees: compulsory life insurance, optional life insurance, retirement benefits, disability benefits for work-related contingencies and death benefits. In addition, the GSIS is entrusted with the administration of the General Insurance Fund by virtue of R.A. 656 of the Property Insurance Law. It provides insurance coverage to assets and properties which have government insurable interests.