The Research Fund on Insurance Matters, affiliated with the Association of Israel Insurance Association (RA) (hereinafter: ďthe Research Fund AssociationĒ), was founded in 1997 for the maintenance and management of a fund intended to provide support for research on compulsory vehicle insurance, including coverage under the Compensation to Victims of Traffic Accidents, 1975.
The Research Fund Association is controlled by Israel Insurance Association (RA) (hereinafter:ďthe AssociationĒ) and most of the members of the Research Fund Association are Israeli insurance companies. According to its articles of association, the Association provides the Research Fund Association with free secretarial, bookkeeping and finance management services and use of the Associationís boardrooms.
Most of the members of the board of the Research Fund Association hold positions at the insurance companies or are functionaries in the Association.
A fund for financing research has operated since 1971, even before the Research Fund Association was set up, in accordance with a permit that was granted by the then Supervisor of Insurance and Savings, Dr. Y. Piker.
The Research Fund Associationís sources of funding are:
Monies that were collected in the early 1970s by the VIO (the Vehicle Insurers Office, affiliated with the Association of Insurance Companies in Israel
) from the vehicle insurance premiums (including property).
A percentage of the compulsory vehicle insurance premium that was been collected until 1997 (monies that were transferred to the Fund by AVNER).
A researcher who wishes to receive support from the Research Fund Association must submit an application in accordance with the instructions on a special form, and attach a description of the study, the requested grant, the number of man hours etc, as detailed in the instructions.
The application must be submitted to Mr. Meir Shavit, who serves as a salaried advisor to the Research Fund Association. Mr. Shavit examines the application, summarizes it and submits it to the Fundís board, along with a recommendation on whether to approve it or not.The Fundís board discusses the application and decides whether to approve it, based on various criteria, including a legal opinion whereby the subject of the study is compulsory vehicle insurance, the nature and quality of the study, the benefit inherent in the study, its feasibility, the cost of the study, taking the cost-benefit ratio into consideration, whether it is a serious study, whether the proposed methodology is reasonable and the like. In some cases the Research Fund Association appoints a special committee to examine the application and decide whether to approve it and grant some degree of financial support.
Support for the study is give after approval by the Fundís board and after the researcher has signed an appropriate agreement.
The Research Fund Association is audited by the Kesselman and Kesselman accounting firm.The Fundís investments are evaluated according to decisions made by the Investment Committee. Fundís legal advisor is Yosi Halevy, Attorney at Law.
Audit Committee:Mr. Nissim Mizrahi and Mr. Yair Nahon
The Insurance Companies Clearing Center Ltd
The Board of the Insurance Companies Clearing Center Ltd