Public Disclosure Information

Profile

The Company is a Guernsey based insurance company and is licensed as an Insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended).  The Company provides Bonds of Guarantee in favour of various travel regulatory bodies and in respect of the financial failure of a travel company that has applied to The Company, been accepted, and a bond of guarantee issued.

 

Corporate Governance

The Company and its Board is subject to the Finance Sector Code of Corporate Governance (“the Code”) issued by the Guernsey Financial Services Commission. Appendix 3 of the Code which is applicable to Licensed Insurers is consistent with the core principles of the International Association of Insurance Supervisors.

 

The Board is required to have, on an ongoing basis, an appropriate number and mix of individuals to ensure that there is an overall adequate level of knowledge, skills and expertise at the Board level commensurate with the governance structure and the nature, scale and complexity of the Company’s business.

 

Technical Reserves

The technical reserves of the Company are reported as disclosed in the notes the financial statements. The technical provisions are disclosed in the statement of financial position in the financial statements.

 

Insurance Risk

Insurance risk and its management is disclosed in the notes of the financial statements.

 

Financial Performance

Financial performance is disclosed in the statement of comprehensive income in the financial statements.

The claims development table is included in the notes of the financial statements.

 

Capital Adequacy

The capital adequacy of the Company is disclosed in the notes of the financial statements.

 

Financial instruments

The Company holds assets in cash and cash equivalents and term deposits.

 

Enterprise Risk Management

Enterprise Risk Management is the holistic term that includes both the Internal Control Framework and the Risk Management System of the Company.

 

The Internal Control System of the Company provides the business with a stable basis to manage risk and execute the business strategy. There is management oversight of all control activities outlined within operational policies and procedures. The internal control system is monitored by the Compliance Team. The internal control system is subject to director oversight.

 

The Risk Management System is the processes used to identify, assess, monitor and manage all risks across the Company. This is subject to oversight by the board.

 

Asset Liability Management policy

Asset Liability Management policy. The Company manages its assets and cash flows in a prudent manner to satisfy its obligations as they fall due.

 

The Risk Management System is the processes used to identify, assess, monitor and manage all risks across the Company. This is subject to oversight by the board.

 

Asset Liability Management policy. The Company manages its assets and cash flows in a prudent manner to satisfy its obligations as they fall due.

 

Other Disclosures

The Financial Performance, Financial Instruments, Insurance Risk, Technical Reserves and Capital Adequacy are disclosed and detailed in the financial statements.

 

Further Public Disclosure Information Requirements

(1) All retail general insurers must ensure that the following information is prominently displayed on their website, on all marketing materials, and all communications with both customers and potential customers –

 

(a) the postal address of the insurer’s registered office or, where the insurer is a branch, the postal address of the branch;

Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ

 

(b) the email address or telephone number for direct communication with the insurer;

Email: IAICL@arm.co.gg

Telephone: 01481 728033

 

(c) the postal address and either email address or telephone number for lodging complaints against the insurer;

 

Step 1, in the first instance, please direct your complaint to:

Advantage Financial Services Limited

C/o Regus, Eagle House, 167 City Road, London EC1V 1NR

Email: afs@advantagetravelpartnership.com

 

Step 2

If you are unsatisfied with the subsequent response received from Advantage Financial Services Limited please direct your complaint to:

 

The Independents’ Advantage Insurance Company Limited

Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ

 

(d) details for contacting the Channel Islands Financial Ombudsman;

 

Channel Islands Financial Ombudsman

P O Box 114, Jersey, Channel Islands, JE4 9QG

 

Email: enquiries@ci-fo.org

 

Website: www.ci-fo.org

 

Jersey local phone: 01534 748610, Guernsey local phone: 01481 722218, International phone: +44 1534 748610

 

(e) whether the insurer and the producer share a common controller.

The Independents’ Advantage Insurance Company Limited and Advantage Financial Services Limited share a common controller.