Kazakhstan has been elected to the position of First Vice-Chair of the International Forum of Insurance Guarantee Schemes

15.11.2023  17:08 UTC+5

Following the 10th Conference of the International Forum of Insurance Guarantee Schemes (IFIGS), held in Vancouver, Canada, from October 24 to 26, the Republic of Kazakhstan -represented by the Insurance Payments Guarantee Fund (IPGF) -was elected First Vice Chair of IFIGS for 2024. In accordance with IFIGS regulations, Kazakhstan will assume the Chair position in 2025.

At the conference, the IPGF served as Kazakhstan’s official delegate. The forum brought together representatives from 26 countries - including 12 from Europe, 5 from North and South America, 8 from Asia, and 1 from Africa - for discussions centered on the development of guarantee systems in the context of digital transformation and global change. The agenda featured panels and discussions on current trends and challenges in international insurance guarantee schemes. Kazakhstan presented a report titled “Assessing Reserve Inadequacy in Insurance Guarantee Schemes,” which attracted significant interest from the participants.

Following the 10th Conference of IFIGS, Kazakhstan was elected Vice-Chair of IFIGS for 2024 through a voting process.According to IFIGS rules, the role of Chair for 2025 will subsequently be assumed by the Insurance Payments Guarantee Fund of Kazakhstan.

During its term as Vice-Chair and Chair, the Fund aims to consolidate efforts to strengthen and further develop IFIGS, enhance its operational effectiveness,and ensure continuity in the implementation of the organization’s objectives. As Chair, the Fund will be responsible for hosting the 12th International IFIGS Conference,which will address key issues facing guarantee and insurance systems both globally and within Kazakhstan. 

IFIGS was established in May 2013 by a group of international deposit and insurance guarantee institutions committed to protecting policyholders and depositors in the event of insurer or bank insolvency. The forum conducts regular regional and annual international conferences to promote cooperation and exchange of best practices.