All PICs are potential clients of PCRIC, and can gain access to PCRIC programs by becoming a Member of the Pacific Catastrophe Risk Insurance Foundation (PCRIF) which wholly owns PCRIC. Membership can be as an Observer (no voting rights), or as a Full Member, the latter gained either by purchase of a PCRIC insurance policy, or by payment of a nominal fee which will be credited toward any subsequent policy purchase.
Full Membership entitles countries to a representative seat and voting rights on the Foundation’s Council of Members (CoM) which is composed of representatives from four donors, plus representatives of each member country. The CoM governs all aspects of the PCRIF, including approving the Strategic Plan for PCRIF/PCRIC; electing PCRIC Board members; and ensuring Pacific national and regional priorities are implemented in PCRIF strategic objectives and PCRIC disaster finance programs.
CoM meetings are held twice annually and usually occur concurrently with joint World Banks / IMF meetings.