ABOUT US
FAIR AVIATION POOL
HISTORICAL BACKGROUND
The 9th General Assembly of the Federation of Afro-Asian Insurers and Reinsurers held in Beijing China From the 16th to 20th November 1985 decided to set up an Aviation Reinsurance Pool The executive committee in its meeting in Casablanca on the 28th and 29th June 1988 entrusted Société Centrale de Réassurance Morocco as the Manager of the pool.
FAP’s vision
We endeavor to be a powerful reference of Aviation
Insurance in the Afro Asian Market
Insurance in the Afro Asian Market
MISSIONS
• Enhance our business portfolio by underwriting risks in Asia and Africa based on the high quality of risk assessment
• Reinforce the business relationship with our current members and attract new AfroAsian cedants to join us.
• Reinforce the business relationship with our current members and attract new AfroAsian cedants to join us.
General Assembly
The General Assembly is the supreme authority of the Pool, it is composed of all Pool Members and the Secretary General as ex-officio member. The General Assembly meets every two years in the same venue and during the same period of the FAIR General meeting.
Technical Board
The Technical Board consists of 6 members elected by the Pool’s General Assembly for a period of 4 years. These members are elected based on the premium income and good results ceded to the Pool, in addition to the managers of the Pool, the Secretary General and the President of the FAIR The Technical Boards meets regularly at least once a year at the pool’s Office.
Managers:
The managers are appointed by the pool’s General Assembly for a term of 4 years, subject to renewal, to do all the administrative work of the proper functioning of the Pool
The General Assembly is the supreme authority of the Pool, it is composed of all Pool Members and the Secretary General as ex-officio member. The General Assembly meets every two years in the same venue and during the same period of the FAIR General meeting.
Technical Board
The Technical Board consists of 6 members elected by the Pool’s General Assembly for a period of 4 years. These members are elected based on the premium income and good results ceded to the Pool, in addition to the managers of the Pool, the Secretary General and the President of the FAIR The Technical Boards meets regularly at least once a year at the pool’s Office.
Managers:
The managers are appointed by the pool’s General Assembly for a term of 4 years, subject to renewal, to do all the administrative work of the proper functioning of the Pool
ORGANS
Société Centrale de Réassurance (Morocco) has been entrusted with the management of the FAIR Aviation Poll since its establishment
Management
MAIN PARTNERS
Brokers
Cedants
REGULATORY INFORMATION
• Insurance Regulatory and Development Authority (IRDA)
The Insurance Regulatory and Development Authority is the main organization or supervisory body that regulates the Insurance sector in the country. It sets rules and regulations for the functioning of the Insurance industry. Its sole purpose is to protect the interest of policyholders and to develop the industry on the whole. Also, IRDA Regulatory is committed to protecting the interests of the policyholders, regulating, promote and ensuring orderly growth of the Insurance industry and for matters connected therewith or incidental thereto. FAIR Aviation Pool is registered in Insurance Regulatory and Development Authority.
• China Insurance Regulatory Commission (CIRC)
The China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision, and regulation of the Chinese Insurance Market, and to ensure that the Insurance industry operates stably in compliance with the law. In 2003, the State Council upgraded the CIRC from a semi-ministerial institution to a ministerial institution directly under the State Council, and to expand the size of the CIRC in terms of staff, internal setup, and local offices. In order to enhance its presence in the Chinese Market, the FAIR Aviation Pool is registered China Insurance Regulatory Commission since 2015. This registration allows to follow the new regulations of the Chinese market and to gain the trust of the local insures and reinsures for getting the business from China
The Insurance Regulatory and Development Authority is the main organization or supervisory body that regulates the Insurance sector in the country. It sets rules and regulations for the functioning of the Insurance industry. Its sole purpose is to protect the interest of policyholders and to develop the industry on the whole. Also, IRDA Regulatory is committed to protecting the interests of the policyholders, regulating, promote and ensuring orderly growth of the Insurance industry and for matters connected therewith or incidental thereto. FAIR Aviation Pool is registered in Insurance Regulatory and Development Authority.
• China Insurance Regulatory Commission (CIRC)
The China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision, and regulation of the Chinese Insurance Market, and to ensure that the Insurance industry operates stably in compliance with the law. In 2003, the State Council upgraded the CIRC from a semi-ministerial institution to a ministerial institution directly under the State Council, and to expand the size of the CIRC in terms of staff, internal setup, and local offices. In order to enhance its presence in the Chinese Market, the FAIR Aviation Pool is registered China Insurance Regulatory Commission since 2015. This registration allows to follow the new regulations of the Chinese market and to gain the trust of the local insures and reinsures for getting the business from China
OUR REINSURERS
Also, the pool purchases every year an Xl cover to protect its members, which is USD 32 500 000 XS USD 1 500 000 for UY2022, placed in the London market.
The main FAIR Aviation Pool’s reinsurers:
• Lancashire Syndicate 2010
• ASPEN
• AXA XL
• SWISS RE
• SIRIUS POINT ZURICH
• AND OTHERS …
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