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. For ICMIF members in Asia and Oceania, ICMIF headquarters and AOA Regional Association fees are invoiced separately and payable directly to the AOA and ICMIF headquarters respectively.
ICMIF: Full member (excluding the Americas)
- Fee rate: 20 per million net written premium income
- Minimum fee: GBP 500
- Maximum fee: GBP 60,000*
- Microinsurance rate: GBP 50
- Payable in: USD/EUR/GBP/JPY
Full membership carries voting and ownership rights.
*Applicable to new members immediately and for existing members from 2016.
ICMIF: Other membership categories
- Observer fee: GBP 500
- Associate member fee: GBP 500
- Global supporting member fee: GBP 25,000
ICMIF members in the Americas region (combined fee)
- 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 fee: USD 1,500
- Observer fee: USD 1,500
- Payable in: USD directly to ICMIF
ICMIF Members in Asia and Oceania region (AOA only fee)
- Fee rate: 2 per million net written premium income
- Minimum fee: JPY 5,000
- Maximum fee: 40% of total fees
Payable in: JPY directly to AOA
Members in Africa and the Middle East do not have an active regional association representing them but instead tend to participate in the Development and Takafulglobal networks which are run by ICMIF.
European members were members of ICMIF’s European regional association ACME prior to 2008. ACME merged with AISAM in January 2008 and is now known as AMICE (the Association of Mutual Insurers and Insurance Cooperatives in Europe). European members can chose to be direct members of AMICE which is an autonomous association but still maintains a strong connection to ICMIF with many European mutuals and cooperatives being members of both ICMIF and AMICE.
The fee process
The ICMIF membership fee is calculated taking into account the following parameters:
- Fees are calculated based on the applying organisation’s net written premium income (NWP) for the financial year ended in the penultimate year before fees are due (eg fees for 2012 are based on financial year ended in 2010).
- Fees are calculated on the member’s NWP in appropriate local currency multiplied by the fee rate (currently 20 per million or 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 chosen from USD, JPY, EURO or GBP, before 1 April 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.