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IPGF establishes international cooperation

The Insurance Payments Guarantee Fund (IPGF) and the Taiwan Insurance Guarantee Fund (TIGF) signed a Memorandum of Comprehensive Cooperation with the intention of promoting mutual development and improvement of efficiency of the insurance guarantee system. This was reported by the organization's press service.
IPGF establishes international cooperation

“This document will allow guarantee funds to cooperate more closely and exchange best practices in benefit insurance systems,” the IPGF informed in a release.

IPGF has formed guarantee reserves totaling about 13 billion tenge ($29.1 million) over 20 years. The guarantee payments made to the population for six forcibly liquidated insurance organizations were in the amount of over 1.13 billion tenge.

In order to provide consumers of insurance services with additional guarantees, a large block of legislative amendments to reform the system of guaranteeing insurance payments was adopted last year. Firstly, the insurance payments guarantee system was expanded from five to ten classes of insurance. The fund’s guarantee now covers all compulsory and socially significant types of insurance. This provides guarantee payments to a wider range of insurance consumers. Secondly, the mechanism for a complete and continuous system of guarantees in the event of liquidation of an insurance organization was created. Consumers are able to continue to receive payments even after the license of a compulsorily liquidated insurance organization is revoked without waiting for a court decision on its liquidation. The payments have been previously suspended for this period.

Photos are from open sources.

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