The International Forum of Insurance Guarantee Schemes (IFIGS) facilitates and promotes international cooperation between insurance guarantee schemes, and other stakeholder organisations with an interest in policyholder protection.
IFIGS hosts General Meeting once a year to discuss topics related to the insurance guarantee schemes, and regional meetings to discuss pertinent issues to that region.
Organisations from other countries that have an established insurance guarantee scheme or are contemplating one should join IFIGS.
Why become an IFIGS Member?
IFIGS serves as a valuable platform for discussing common issues. Our meetings are a unique networking opportunity uniting leaders from around the world. It is an occasion for the participants to discuss best practices and ask questions about other organisations’ operations. Our objective is to establish relationships through the exchange of ideas and practices on policyholder protection. In addition, Member’s privileges include access to the Member’s Area of the IFIGS website where pertinent research documents, Member and Executive Committee Minutes, reference library, contact information of other members, and more, are posted periodically.
IFIGS membership categories:
- Full Member
- Associate Member
- Observer (by invitation only)
As a Full Member, Associate Member or Observer, you are invited to attend IFIGS meetings.
Our Terms of Reference provide more details on becoming an IFIGS Member and membership categories.
Membership is currently free, but a fee may be introduced in the future.IFIGS Application Form
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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 the failure of insurers and to promote cooperation between IGSs.
Further information about IFIGS’ membership, organizational structure and financial resources is described in the IFIGS Terms of Reference belowIFIGS Terms of Reference
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 the process of establishing an IGS under legislation in force can also become Associate Member of IFIGS, as sharing operational experience is important to setting up a new IGS.
(To learn more about IFIGS Membership, please refer to Q-5)
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 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 includingpertinent research documents, Member and Executive Committee Minutes, reference library, contact information of other members, and more.
Q-5: What are the membership categories for the IFIGS?
A: There are 3 categories of membership:
- Full Membership is aimed at existing Insurance Guarantee Schemes (IGSs). An IGS is a body that is mandated to provide last resort
protection against loss of part or all benefits under the insurance contracts to policyholders, insured parties, beneficiaries or other eligible third parties, when an insurer is unable (or likely to become unable) to fulfill the commitments under its insurance contracts.
Each Full Member has a full say to participate in the decision-making of IFIGS by exercising its voting right.
- Associate Membership is aimed at organizations that are in the process of establishing an IGS. A precondition for becoming an Associate Member is that the process for establishment has been undertaken or approved by the government or another responsible
body and has been set out or structured by law or relevant rules.
- Observer is aimed at supranational organizations 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 only by invitation.
As of August 2021, IFIGS has 28 Members (25 Full & 3 Associate). The current list of the IFIGS Members can be found on the upper-right corner of this page.
Q-6: When do IFIGS Members meet?
A: IFIGS hosts General Meeting once a year to discuss topics related to the insurance guarantee schemes, and regional meetings to discuss pertinent issues to that region. All Members are requested to participate and to support the meetings.
Q-7: How can I become a Member of IFIGS?IFIGS Application Form
Q-8: Do members pay for the IFIGS membership?
A: IFIGS membership is currently free, but a fee may be introduced in the future.
Q-9: What is the IFIGS organizational structure?
A: IFIGS establishes a Management Committee to handle organizational issues such as communication between Members and operational cost of the Forum. The Management Committee is formed by three members: a Chair, a First Vice Chair and a Second Vice Chair that meet regularly and seek to operate by consensus in the matters of organizational structure and operation.
The Chair as the designated leader and spokesperson of IFIGS oversees the operation of the Forum and presides over meetings and other official proceedings.
The First Vice Chair represents IFIGS in the absence of the Chair and assumes the role of Secretary including keeping minutes of IFIGS meetings.
The Second Vice Chair’s primary duties are to provide assistance and advice to the Forum leadership and to maintain the IFIGS website.
The current composition of IFIGS Management Committee can be found here
Q-10: What is the basic legal act that describes IFIGS functioning?
A: This is IFIGS Terms of Reference (ToR) of Dec 5, 2019. Any amendment to the Terms of Reference must be approved by 75% of all Full Members. The current text of IFIGS ToR can be found belowIFIGS Terms of Reference