The Research Fund on Insurance Matters

The Research Fund on Insurance Matters Affiliated with the Israel Insurance Association (RA) (the “Research Fund” or “Fund”) was established in 1997 with the aim of supporting research and studies on Compulsory motor vehicle insurance, including coverage under the Compensation to Victims of Traffic Accidents, 1975.

Introduction

The Research Fund is a registered not-for-profit association, which was established in 1997 with the aim of maintaining and managing a fund for the purpose of financing research studies into compulsory motor vehicle insurance, including: reduction and prevention of road accidents, reduction of vulnerability to road accidents, treatment of road accident victims, the insurance coverage under the Road Accidents Victims Compensation Law, 1975, all, at its discretion.

Prior to the establishment of the Research Fund, the “Research Financing Fund”, established in 1971, was in operation under a permit given by the then Insurance Commissioner, Dr Y. Picker.

The Research Fund is controlled by the Israel Insurance Association (R.A.) (the “Association”) and the majority of its members are Israeli insurance companies. According to its articles of association, the Research Fund is provided with services by the Association at no charge.

Research financing

A researcher / research institution seeking to receive financing from the Research Fund for research to be led by him, will prepare a detailed research proposal, in accordance with the outline specified below, and will submit it to Ms. Hedva Vanunu, the Research Fund Coordinator.

The Research Fund’s management meets several times a year to discuss research proposals submitted to the Fund, for consideration and approval.

The Research Fund’s management will examine each proposal and will decide whether to consent to it, based on various criteria, such as: the nature of the research (including its innovativeness), its feasibility, its cost and the benefits that the public will derive from it.

Support for research is given only after approval by the Fund’s management and after the researcher has signed an appropriate agreement.

Fund Management

Most of the members of the Research Fund management hold positions in insurance companies or in the Association. A General Meeting is held once a year, in accordance with the Research Fund’s articles of association, at which are audited financial statements and a report of management activity in the previous year are presented, and members of the management are elected.

Sources of finance of the Research Fund

• Money that was collected in the early 1970’s by MIO (the Israel Insurance Association Motor Insurers Office), from compulsory insurance premiums; money that was collected by “Avner” from compulsory insurance premiums starting in 1976 and transferred to the Fund until 1997 (the transfer to the Fund being made by “Avner”).
  
  
• Accruals from the investment of the Fund’s resources (the Fund’s investments are managed in accordance with the decisions of the Investment Committee).

Research Fund officers

Chairman of Management of the Fund - is the Chairman of the Israel Insurance Association.

Fund Coordinator – Ms. Hedva Vanunu.

Legal counsel -  Mr. Yossi Halevy Adv.