The vast majority of insurers operating in Israel in the life insurance branch are members of the Association. Each insurer that holds an insurance license in the area of life insurance is entitled to join the Association as a member.
The Associationís activity is financed by means of membership dues paid by the insurers who are members of the Association.
The Association was founded in 1957 with the aim of making joint index-linked investments (initially in the Israel Electric Corporation and subsequently in the State Treasury) in order for the insurance companies to be able to issue life insurance policies that guarantee linkage.
The Associationís principal goals are:
- To represent the insurers vis-ŗ-vis the State of Israel with regard to the agreements for investing in dedicated bonds (relevant for policies that were issued up to January 1, 1992, including current premiums collected in the framework of these policies).
- To represent the insurersbefore the Supervisor of Insurance and the other State authorities, including government ministries, the Knesset, public authorities and public institutions, and to serve as the insurersí representative point of contact for the said authorities and institutions.All insofar as it pertains to life insurance.
- To handle matters of legislationrelated to life insurance or that have implications on the life insurance industry.
- To represent the insurance industrybefore the media and the public in matters related to life insurance.
- To represent the life insurance industry in its industry-related contractual arrangements, subject to the permits required by law.