The 3rd Meeting of the F.A.I.R. (Federation of Afro-Asian Insurers & Reinsurers) General Assembly was held in Istanbul on 11th - 14th September 1972 and it was unanimously decided to set up the FAIR Non-Life Reinsurance Pool with effect from 1.1.1974. The General Assembly also unanimously entrusted the management of the Pool to Millî Reasürans T.A.Ş., Turkey.
FAIR Non-Life Reinsurance Pool was established in 1974. Since then the Pool has proved its professional competence and success. It provides its members with profitable reciprocal business secured through a tradition of sound, selective and conservative underwriting which has greatly contributed to weathering the ups and downs of the International Markets, under the Management of Milli Re, Turkey, which has been entrusted with the task since inception.
The Pool is aimed to achieve the following objectives:
· to promote cooperation among member companies;
· to provide an additional underwriting capacity in Asia and Africa and to increase the same for the member companies;
· to effect savings and even earnings of foreign exchange for the member countries and companies;
· to provide the same standard of reinsurance service as offered by international markets;
· to accelerate the process of achieving increased self-reliance in the field of insurance and reinsurance through cooperation;
· to improve the reinsurance terms for national insurance companies.
The Pool had 24 members (11 from Africa and 13 from Asia) in its 1st year of operation providing a premium income of Stg.£ 857,527 whereas the total accounted premium, for the period from 01.01.1974 to 31.12.2012, has reached the amount of Stg.£ 765,847,944. The Pool in 2013 has 51 members from 30 different countries and 34 ceding offices from 18 different countries thus total of 85 companies from 39 countries which cede business and the estimated premium income is Stg.£ 41,000,000.
Underwriting
The principal object of the Pool is to accept reinsurance and retrocession treaty business from the African and Asian markets for the following classes of insurance:
- Fire
- Accident, excluding motor, credit, bonds, liability and aviation business unless when incidental or part of bouquet
- Engineering including C.A.R and E.A.R.
- Marine Hull and Marine Cargo
Capacity
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Per treaty/programme/risk
(Sum Insured Basis)
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Fire & Engineering
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Stg.£ 18.000.000
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Accident
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Stg.£ 3.000.000
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Marine (Hull & Cargo Combined)
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Stg.£ 3.000.000
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(The above figures are always subject to accumulation considerations)
Membership
All the members of the F.A.I.R. willing to offer a share from their treaties, are eligible for the membership of the Pool. However, the full membership is realized by entering reciprocal business exchange with the Pool, that is, ceding business to the Pool and accepting retrocession from the Pool's business by signing the Pool's Statute and Quota Share Retrocession Agreement.
Any company willing to be a member of the Pool which is not a FAIR member is requested to contact the Federation
After the realization of the F.A.I.R. membership, the company approaches the Managers for the Pool membership supplying necessary documents i.e. particulars and statistics of the treaties they are willing to offer to the Pool. All the applications are thoroughly studied by the Managers and accepted or rejected according to the merits and demerits of the business offered.
Ceding Office:
Non-FAIR Member Companies which cede business to the FAIR Reinsurance Pool are denominated "ceding offices" and have no right to receive reciprocity from the Pool.
Reciprocity
All the business ceded to the Pool is retroceded back to the members with 100 % reciprocity.
ORGANS
General Assembly
The General Assembly is the supreme authority of the Pool and it is composed of all the members of the Pool and the Secretary General of F.A.I.R. as ex-officio member.
The General Assembly meets once every two years at the same venue and during the same period of the F.A.I.R. General Meeting.
Technical Board
The Technical Board consists of 8 member companies wherein either Africa or Asia shall be represented by at least one member; elected by the Pool's General Assembly for a period of 4 years subject to extension. The Managers of the Pool, the Secretary General of F.A.I.R. and President of the F.A.I.R. (provided that his company is a member of the Pool) are also the ex-officio members of the Technical Board. The Technical Board meets regularly at least once a year at the Pool's office.
The Managers
The Managers are appointed by the Pool's General Assembly to do all the administrative work necessary for the proper functioning of the Pool for a term of 4 years subject to renewal.
Millî Reasürans T.A.Ş. is entrusted with the management of the F.A.I.R. Reinsurance Pool since its establishment.
Contact Details of the Pool are as follows;
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Address:
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Milli Reasürans T.A.Ş.
Teşvikiye Cad. No: 35
34367 Şişli, Istanbul - Turkey
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Phone :
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+90 212 2314730
+90 212 2326874
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Fax :
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+90 212 2322392
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Emails:
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Manager
Ms. Aylin Kocatürk
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Accounting/Claim
Asst. Manager
Mrs. Ebru Yıldırım
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Website:
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