Definition: Insurance Group Number (IGN) is a unique and internationally recognized number used by insurers in various countries to identify, track and manage its operations. It serves as a central registry for all insurance-related activities carried out by an insurance company. The IGN is divided into two parts: 1. The Central Registry Section (CRS): This is the primary function of the Insurance Group Number which identifies the insurer’s identity across borders. It includes basic information such as the name, address and registration number of each insurer. 2. The Regional Registry Sections (RRS) are assigned to specific regions or areas based on their geographical location. Each RRS has its own unique IGN code. The primary purpose of an insurance group number is to facilitate a coordinated approach across borders in dealing with insurance-related transactions. It provides a clear and uniform way for insurers to manage their operations, track claims, and report performance against global standards. When a new insurer enters into business or merges with another insurer, its IGN is usually transferred from the central registry section to the regional registry sections as an initial step in the process of registration. The IGN has been widely used by insurance companies around the world since it was established in 1937. Its use enables insurers to establish a common identifier for their operations and can help streamline insurance claims processes and facilitate easier compliance with regulatory requirements.

insurance group number

Definition: The word "insurance group number" typically refers to a specific identification number assigned by an insurance company to each member of the policy, which includes information about the policyholder's name, address, and other relevant details. The insurance group number can be used as a key identifying factor for the policyholder, enabling them to easily identify themselves in various situations where they might need assistance with their policy (e.g., when called by a person in distress). Understanding an insurance group number is important because it helps ensure that all policies are handled correctly and efficiently.

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