The governance of the Guarantee Fund for Victims

State Trusteeship


The FGAO and the FGTI, which make up the Guarantee Fund for Victims, have a specific status :

  • The Mandatory Third-Party Liability Insurance Guarantee Fund (FGAO) is placed under the supervision of the State and is subject to the control of the Ministry of Economy and Finance, which determines the rate of contributions from policyholders and insurers who largely finance its operation while the law sets out its missions.
  • The Guarantee Fund for Victims of Terrorist Acts and Other Offences (FGTI) is funded by a mandatory charge on property insurance policies. Like those of the FGAO, its missions are defined by law.

Two Funds, Two Boards of Directors


Michel Gougnard : Chair of the FGAO Board of Directors


The FGAO is governed by a 12-member Board of Directors.

With a Master’s degree in public law, its chairman, Michel Gougnard, has a solid background in the insurance industry. He spent his entire career with the Covéa mutual insurance group (Maaf, MMA, GMF), which he joined in 1976. In particular, he was managing director of the AIS (Assistance Compensation Services) and managing director of human resources and internal communication.

He is currently a director of Covéa Coopérations, MAAF, MMA, Assurances Mutuelles de France, Le Finistère Assurance, and IFPASS (training institute for the insurance profession). He is president of Valeurs Mutualistes Maaf.

On the Board of Directors of the FGAO sit :

  • representatives of insurance companies
  • members appointed by order of the Minister for the Economy
  • a government commissioner.


Martine Ract-Madoux : Chair of the FGTI Board of Directors


The FGTI is governed by a 9-member Board of Directors.

Martine Ract-Madoux répond d’un parcours de magistrate, pour l’essentiel dans des fonctions juridictionnelles en qualité, tour à tour, de juge d’instance, juge unique, juge aux affaires familiales, conseillère référendaire à la chambre criminelle, conseillère technique du président de l’Assemblée Nationale, vice-présidente de la 17e chambre et président de chambre à la cour d’appel de Versailles. Elle fut, à l’issue de son parcours, élue présidente de la cour de justice de la République.

Elle est aujourd’hui conseillère honoraire à la Cour de cassation.

On the Board of Directors of the FGTI sit:

  • representatives of the Minister of Economy and Finance, the Minister of Justice, the Minister of Social Affairs and Health, and the Minister of the Interior,
  • three persons who have expressed an interest in victims of terrorism and other crimes,
  • a representative of insurance industry professionals
  • a government commissioner.

The two Boards of Directors have also each set up an Audit Committee.



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