IN, January 14, 2019 – Roger H. Schmelzer, president of the National Conference of
Insurance Guaranty Funds (NCIGF), has been selected to serve as chairman
of the International
Forum of Insurance Guarantee Schemes (IFIGS).
along with Peter Gallanis, president of the National Organization of Life and Health
Insurance Guaranty Associations (NOLHGA), NCIGF’s life and health
counterpart, together have represented the United States as members of IFIGS
who has led the NCIGF since 2006, will be joined on the IFIGS Management and
Support Committees by representatives from Canada, Chinese Taipei, Germany,
Greece, Korea, Kenya, Romania, Singapore, Spain, Thailand and the United
Kingdom. He has served as IFIGS secretary
for the past year.
customers, industry and the economy are best-served when the insurance promise
is secured,” said Schmelzer upon his election. “I’m enthusiastic about working
with our global partners to further advance that objective.”
IFIGS facilitates and promotes international cooperation between insurance guarantee schemes and other stakeholder organizations with an interest in policyholder protection. The IFIGS is made up of 25 full and associate members, 22 of which are Insurance Guarantee Schemes (IGS) from Africa, Asia, Europe and North America. There are more than 30 IGS worldwide.
protect policyholders of insurance companies that fail. Many IGS provide
expertise in stabilization or restructuring resolutions, and all IGS can
provide expertise and some form of insurance protection and/or financial
support to assist in the liquidation of an insolvent insurer.
platform will elevate the U.S. guaranty system’s value to domestic solvency
regulators, according to Schmelzer. “This is timely because the NAIC is undertaking
its own initiatives that could affect the U.S. system,” he said. “The broader our expertise, the more impactful
we can be on behalf of the state guaranty funds, the carriers who belong to the
state associations and most importantly to individual policyholders and
noted the efforts of the NCIGF and NOLHGA as part of IFIGS have already made a
difference, citing recent changes to international regulatory drafts which underscore
the primacy of policyholder protection, the importance of pre-insolvency
cooperation, collaboration between the guaranty system and regulators as well
as clearing up any misconceptions that a guaranty association could spread financial
and NOLHGA will host the IFIGS annual conference in late 2019.