IFIGS Q&A
Q-1: What is the International Forum of Insurance Guarantee Schemes (IFIGS)?
A: IFIGS is an international non-profit network for Insurance Guarantee Schemes (IGSs) for both life and non-life insurance. IFIGS’ mandate is to exchange experiences of providing protection to policyholders in the event of a failure of an insurance undertaking and to promote cooperation between IGSs.
Further information about IFIGS’ membership, organizational structure and financial resources can be found under https://ifigs.org/wp-content/uploads/IFIGS-Terms-of-Reference-2018.pdf.
Q-2: What is the purpose of IFIGS ?
A: IFIGS was founded on May 15, 2013 with the purpose of facilitating and promoting international cooperation between
- Insurance Guarantee Schemes (IGSs), in order to enhance functional structures and operations of IGSs to improve the policyholders’ protection, and
- Other stakeholder organizations that participate in the development of policyholder protection schemes.
Q-3: Who can be a member of IFIGS?
A: Existing Insurance Guarantee Schemes (IGSs) may become Members. Additionally, those organizations in process of establishing an IGS under legislation in force can also become an associate Member of IFIGS, as sharing operational experience is important to setting up a new IGS. Link to Q-5 (hyperlink)
Q-4: Why become an IFIGS member?
A: IFIGS serves as a valuable platform for discussing common issues. If a new Insurance Guarantee Scheme (IGS) is about to be established, IFIGS members can share their expertise and provide useful information on the policy issues and the first steps. For an established IGS, participation of in IFIGS provides the opportunity of exchanging information and experience in order to enhance policyholders’ protection and the operations of the IGS. It also provides a platform to engage with international colleagues and counterparts to discuss developments in policyholder protection and guarantee schemes.
IFIGS’ meetings are a unique networking opportunity uniting IGS leaders from around the world. It allows participants to discuss recent experience, current issues and best practices and ask questions about other organizations’ operations. Our objective is to establish relationships through the exchange of ideas and practices on policyholder protection. In addition, members have access to the Members’ Area of the IFIGS website including research documents, Member and Executive Committee Minutes, and more.
Q-5: What are the membership categories for the IFIGS?
A: There are 3 categories of membership:
- A Full Member, in case of existing Insurance Guarantee Schemes (IGSs), having a full say and participating on the work of the organization.
- An Associate Member, which is an organization in the process of establishing an IGS. The Associate Member has to become a Full Member after the establishment of the Scheme.
- An Observer, which is a supranational organization of governmental institutions, supervisors or insurance industry or any other interested stakeholders in the area of policyholders’ or financial services consumer protection and IGS. Observers may attend the meetings by invitation.
Currently IFIGS has 24 Members (22 Full & 2 Associate). A list of the IFIGS’ members can be found under https://ifigs.org/membership/.
Q-5: When do IFIGS Members meet?
A: A full meeting of all Members, Associates and Observers is held bi-annually. At least one other meeting for IFIGS Members is held every year. All Members are requested to participate and to support the meetings.
To reflect regional interests and common issues, Full Members of different global regions may also decide to hold regional meetings.
Q-6: How can I become a Member of IFIGS?
A: If you are interested in joining IFIGS, please submit a membership application form to info@localhost.
Q-7: Do members pay for the IFIGS membership?
A: IFIGS membership is currently free, but a fee may be introduced in the future.
Q-8: What is the IFIGS organizational structure?
A: Every two years, a General Meeting of IFIGS, Full Members, elects the Members of the Executive Committee (ExCo). This body is responsible in particular for: developing policies that reflect the goals of IFIGS, identification areas for research and discussion by IFIGS, as well as review and advise the members on certain issues (as communication, membership issues, research implementation and results) The ExCo members elect among themselves the Chair, Vice Chair and Secretary.
The Chair in turn is responsible for all external communications and representing IFIGS to all external stakeholders.
The Vice Chair, in the absence of the Chair, represents IFIGS.
The Secretary (who can act also as Vice Chair) is responsible for all internal communications to IFIGS members and all administrative support including the issuance of minutes. The current composition of IFIGS authorities (ExCo, Chair, and Secretary) can be found under https://ifigs.org/about-us/executive-committee/
Q-9: What is the basic legal act that describes IFIGS functioning?
A: This is IFIGS Terms of Reference (ToR) of May 27, 2015.Any eventual amendments to the ToR need to be approved by the IFIGS ExCo by extraordinary resolution. The members then will vote on the amendment by absolute majority. The current text of IFIGS ToR can be found under hhttps://ifigs.org/wp-content/uploads/IFIGS-Terms-of-Reference-2018.pdf
All information obtained from the Member’s Area is confidential. You are required to take all reasonable precautions in accordance with the Acknowledgement of Confidentiality to prevent disclosure and will not disclose information, directly or indirectly, to any third party.