ICMIF/Americas is the Americas regional association of the International Cooperative/Mutual Insurance Federation (ICMIF) headquartered in the United Kingdom. To become an ICMIF/Americas member, a cooperative or mutual insurer must first affiliate with ICMIF.
Full membership in ICMIF is open to risk-bearing insurance organizations whose essential purpose is to operate predominately for the benefit of their insureds and to serve their insurance needs, subject to a system of democratic control by or on behalf of their insureds whose economic interests are their paramount concern.
Non-voting Associate membership is open to cooperative insurance brokers and insurance agencies of not-for-profit organizations. Non-voting Observer/Supporting Membership is open to other types of organizations who wish to affiliate but do not qualilfy as full or associate members.
Cooperative or mutual insurers wishing to apply for membership need to first complete an ICMIF application form and provide certain details (see ICMIF Membership Information). Only one application is necessary for both ICMIF and ICMIF/Americas as membership of the regional association is automatic upon admission to ICMIF. To download a copy of the membership application in Adobe Acrobat PDF format, click here.
- Once an application for membership has been received this will be reviewed by the ICMIF Executive Committee which meets regularly. Their decision is then endorsed by the ICMIF Board of Directors at its annual meeting. Approval for membership in ICMIF/Americas is also endorsed at its next board of trustees meeting.
Fees for membership of ICMIF and its regional associations
The membership fee is based on the net premium income of the member in the financial year ended during the calendar year two years before the year for which fees are due. Membership fees are invoiced annually and are payable directly to ICMIF. For ICMIF members in The Americas (North, Central and South America and the Caribbean) there is only one fee invoice combining the ICMIF headquarters and The Americas regional association fees.
ICMIF members in The Americas region (combined fee)
- Full member fee rate: 30 per million net written premium income
- Premium income below USD 5 million: USD 1,500
- Premium income between USD 5 million & USD 150 million: USD 4,500
- Maximum fee: USD 90,000
- Associate member fee: USD 1,500
- Observer member fee: USD 1,500
- Payable in: USD directly to ICMIF
The fee process
The ICMIF membership fee is calculated taking into account the following parameters:
- Fees are calculated on the member’s NWP in appropriate local currency multiplied by the fee rate (currently 30 per million for The Americas region).
- ICMIF will work with the prospective member to ensure that the calculation of fees is correct.
- Fees are payable in the member’s nominated currency in USD before April 1 each calendar year.
- Fees are invoiced in the member’s own currency and it is the responsibility of the member to make appropriate arrangements to transfer their fee to the relevant ICMIF bank account.
- It is the member’s responsibility to use the amount due in appropriate local currency to buy the chosen currency of payment, that payment representing the full fees due to ICMIF.
- ICMIF is primarily funded through its membership fees but with additional services, such as conferences and training, for which a delegate fee is charged to members.
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