Each digital trio of IAC™ Insurers "an IAC Cube™", must be wholly-owned by IAC ISO, IGF's parent to access IGF Act. Accredited Sponsor Groups may apply to form an IAC Cube™.
IAC ISO is in formation and transition to become "parent" of IGF core operations/technology unit, with IGF retaining its current shareholder base.
The concept of IGF's three insurance subsidiaries, original protoype for IAC Cube™ concept, is comparable to licensing use of core operational technologies within IAC Cube™ framework, a successful concept developed, prototyped, operated, then repeated many times. By way of additional comparison, each IAC™ Insurer might be compared to a Lloyd's Syndicate.
Of significant difference, however, is that IAC™ Insurers must always be capable of timely paying a 100% total loss on all Policies issued and the capital markets approach to capital | surplus funding.
A broad range of IAC™ Market Participants and Underwriting Members are to interact with individual sponsored IAC Cube™ insurers, each governed by a 5 person Board of Directors with no controlling interests, subject to IAC™ Rules and Regulations of The IGF System™, the IGF Act and agreed operational parameters set out in the Protocol of each IAC Cube™.
Of important note is that each IAC Cube™ operates as a series of "Digital Twin" instances which implement operations for each IAC Cube™ originally agreed with an accredited Sponsor group, IGF Core and IAC ISO, approved by applicable Bermuda regulators.
Each IAC Cube™ is comprised of an assurance, insurance and financial guaranty IAC™ Insurer and four Digital Twins, the final representing a IAC Cube™ Administration Platform
IAC Cube™ Insurers and Administration Node are wholly owned by IAC ISO, pursuant to the IGF Act.
Accredited Sponsors may acquire technology, market access, issuance, operations and facility rights under long-term contracts, subject to applicable onboarding, operations and residual tariffs, subject to IAC™ Rules and Regulations of The IGF System™.
Of IAC™ Marketplace technology, services and transactional fees tariff schedules, an IAC Cube™ retains a percentage of such amounts for operations, along with a percentage of Management Bonus Pool allocations.
Digital Residual Certificates on each Policy issued are distributed 50% to IGF (a portion of which may be used to acquire IAC digital currency units) and 50% to IAC™ ISO, less negotiated participations to Sponsor and IAC Society™.
An International Sponsor Organisation ("ISO") considering applying for an IAC Cube™ as a component in their Protocol Ecosystem, is introduced by one or more IAC™ Society Fellows.
An application is prepared setting out the ISO Protocol and use of IAC Cube™ within the component architecture supporting the Protocol.
The application (including business plan) and application fee are submitted to IAC Society™ for initial review, due diligence and preliminary approval, along with IAC Cube™ Onboarding Funds.
IAC™ Insurer licensing applications and business plan are then presented to Bermuda Monetary Authority for approval.
Once all approvals are in place, then IAC Cube™ is registered with Government of Bermuda, Digital Twins are "birthed" and orientation and training commences, leading to Day 1 Go Live as a new
IAC Cube™