General FAQs


  • What is the relationship between ICI Mutual and the ICI?

  • ICI Mutual is a separate company from the Investment Company Institute (ICI), with its own board of directors.  Neither entity has an ownership interest in the other.  However, the two organizations are closely linked.

    The ICI is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered to investors in jurisdictions world wide.  In 1987, mutual fund leaders, working with the ICI, decided to create their own insurance company – ICI Mutual – to address mounting frustrations over the availability, quality, and price of commercial insurance coverage.  Since that time, ICI Mutual has continued to be a reliable source of industry-specific coverage, with rational, risk-based pricing, comprehensive risk management services, and superior claims handling.

  • Who can purchase insurance with ICI Mutual?

  • Investment company organizations that are members of the ICI are eligible to be insured by ICI Mutual.  Within an investment company organization, ICI Mutual can and does insure investment companies, their directors, officers, advisers, and other affiliated service entities, such as transfer agents and principal underwriters.  ICI Mutual can and, when requested, does insure an adviser both for its services to the funds and for its services to non-fund accounts managed by the adviser, including private accounts.

  • What is a risk retention group (RRG)?

  • The RRG business form, created by federal law in 1981, ensures that captive insurers are subject to traditional insurance regulation by only a single state notwithstanding a multistate insurance presence.  This means that ICI Mutual is allowed under federal law to conduct insurance business in multiple states, but is subject to traditional insurance oversight by its domicile state, Vermont.  The RRG structure has been successfully adopted by a number of ICI Mutual’s peers, including the Attorneys’ Liability Assurance Society, Inc., a Risk Retention Group (insuring law firms), United Educators Insurance, a Reciprocal Risk Retention Group (insuring educational institutions), and Housing Authority Risk Retention Group, Inc. (insuring public housing authorities).

  • How do I obtain a quote?

  • Please contact ICI Mutual's Senior Vice President and Chief Underwriting Officer John Mulligan to discuss your organization’s insurance needs:

  • What types of insurance does ICI Mutual offer?

  • ICI Mutual provides three main insurance products: D&O/E&O Liability Insurance, Investment Company Blanket Bonds, and Independent Directors Safety Net Liability Insurance.  ICI Mutual can also design custom liability coverages to meet an insured’s particular needs.  ICI Mutual's wholly-owned subsidiary, ICI Mutual Insurance Brokers, Inc., assists insureds to secure forms of liability insurance coverage purchased by investment advisers, but not written by ICI Mutual (for example, ERISA bonds).

  • How does ICI Mutual service its insureds?

  • Each insured organization (or prospective insured) is assigned a specific ICI Mutual underwriter, who works with representatives of the oranization to gather the necessary information to evaluate the risks presented. The underwriter serves as the organization's client service representative throughout the year to ensure that all ongoing client needs (e.g., securing policy forms, coverage endorsements, insurance certificates, electronic copies of fidelity bonds for filing with the U.S. Securities and Exchange Commission, etc.) are addressed and satisfied in a timely manner.

  • Does ICI Mutual work with brokers?

  • Yes, ICI Mutual’s underwriters frequently work with brokers to fulfill the insurance needs of the mutual fund and investment management industry.

  • How do I file a claim?

  • If your organization wishes to file an insurance claim, you must initiate the claims process.  Please refer to Section 4 of the ICI Mutual Investment Company Blanket Bond, to Section VIII of the ICI Mutual D&O/E&O Liability Insurance Policy, or to Section X of the Independent Directors Safety Net Liability Policy, as applicable, for claims notice procedures.  You may also wish to refer to What to Expect in the Claims Process (PDF) for a more detailed description about preparing and filing an insurance claim, and about the overall claims process.