The general insurance portfolios of the KRG and the northern villages have a total value of $720 573 043. The task of managing these portfolios is the responsibility of the Department. In particular, the Department assists the KRG’s other departments and the northern villages to keep their insurance lists up to date, to prepare and submit insurance claims, when necessary, and to renew of their insurance policies. The Department has also been involved since 2004 in the management of a fund to guarantee liabilities for the KRG and the northern villages. Set up with financial contributions from the KRG and each northern village based on the value of their assets in relation to the total assets insured, the fund is managed by an independent committee. At the end of the year, contributions to the fund totalled over $1 800 000.