The functions of TREIF (Taiwan Residential Earthquake Insurance Fund)

The functions of TREIF to be the pivotal organization are as follows :

	to establish the standard procedures of TREIP ( Taiwan Residential Earthquake Insurance Program )
	to manage and review TREIP program
	to be the ultimate risk taker of TREIP in case any reinsurer being unable to meet its liability
	to retain the risk, to manage co-insurer pool and to make reinsurance arrangements
	to educate the general public and promote business
	to manage the accumulated fund
	to train the loss adjustor

The background of TREIF

TREIF is a not-for-profit organization, established officially on January 17, 2002, and is the third national residential earthquake insurance program in Asia, following Japan and Turkey.  TREIF became as an independent role of pivotal organization on July 1, 2006.  Being the pivotal organization, not only does TREIF retain a big portion of the limit -- NT$25.6 billion -- but also assumes the credit risk resulting from the non-payment of reinsurance securities.

The structure of TREIF

TREIF is run by the board of directors which includes the delegate of National Treasury Agency, the delegates P & C company, and reinsurance company, and experts of civil engineering and law fields and one supervisor engaged by the insurance authorities under TREIF’s contribution memorandum.

TREIF has two departments :1 ) Business Department, which is responsible mainly for both inward and outward business ( including electronic data transmission and claim handling ), in addition to local insurers’ relevant business auditing, promotion and training, research and IT development, 2 ) Administration Department, which is responsible for finance, accounting, personnel, administration and miscellaneous jobs.