Classification and Dues
Membership is open to partnerships, associations, firms or corporations who are actively engaged in assuming, ceding, or brokering non-life treaty reinsurance. In 2017, Individual Membership became available with specific criteria as outlined below. Membership in the Association is divided into four (4) categories:
The regular membership of the Association (voting Member) shall consist of any company or underwriting organization actively engaged in assuming, ceding, or brokering non-life treaty reinsurance from risk bearing entities not affiliated or controlled by the assuming organization. ($5,000 annually). Company membership benefits extend to all entities affiliated with the company holding the membership so, in essence, one small membership fee can apply to all members of a Group of Companies.
Upon application to, and Executive Committee of the Board approval, risk bearing entities with annual gross written premium income from global assumed reinsurance &/or direct insurance business of US$100 million or less may have their annual dues reduced to 50% of the Regular Membership dues rate until such time IRUA is advised that the threshold has been exceeded. All Regular Membership benefits apply.
The Affiliate Membership (non-voting) shall consist of any former regular member that does not meet the qualifications set forth in the bylaws; partnerships, associations, firms or corporations actively engaged in the management of a book of business on behalf of any organization assuming, ceding or brokering non-life reinsurance as well as providers of services to the reinsurance industry, such as accountants, attorneys or consultants. ($5,000 annually)
Individual Membership (Introduced and Effective April, 2017)
Individual Membership: An Individual engaged in any aspect of the non-life assumed or ceded reinsurance business and not otherwise employed by, contracted with or affiliated with an organization that meets the requirements of Regular Membership as outlined in the Associations bylaws.
Individual Members may, and are encouraged to, participate fully in the furtherance of the Mission of the Association, including eligibility for nomination to the Board of Directors or membership of any committee, except the Executive, Association Governance and Investment Committees. Individual Members may attend the Annual Meeting of Members but have no voting rights and are not eligible to hold one of the Association’s officer positions.
Individual Members shall abide by the Association’s terms and conditions, Code of Ethics, Bylaws and any membership agreements during the tenure of their membership.
The Board of Directors may, in its discretion, close this membership category at any time and/or limit the number of members in this category.
An Honorary Member (non-voting) shall be an individual, nominated and elected by the Board of Directors. Honorary members shall be subject to reconfirmation annually by the Board of Directors at the regular meeting held closest to the Annual Meeting. *Non-Voting membership classes shall have no vote nor be eligible to hold office in the Association.
Company Membership Requirements
The Board of Directors shall maintain and periodically review rules of eligibility of membership, which requirements shall include, but not be limited to:
- A minimum period of time in the reinsurance or reinsurance provider of services business.
- Minimum standards for business volume (if applicable).
- Minimum standards for capital and surplus (if applicable).
- Two (2) letters of recommendation from regular members in good standing.