NOTICE OF ANNUAL GENERAL MEETING AND COUNCIL ELECTIONS

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1 c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man tel: fax: NOTICE OF ANNUAL GENERAL MEETING AND COUNCIL ELECTIONS Date: Thursday 10th April 2014 Time: 12:15 prompt; tea and coffee will served from 12:00 Venue: Claremont Hotel, Loch Promenade, Douglas The Isle of Man Insurance and Financial Services Institute would like to inform members that its Annual General Meeting will be held on Thursday 10th April All members are welcome to attend the meeting where the officers will present their reports for the previous year and the Council for 2014/15 will be elected. The Financial Statements for the year ended 31 st December 2013 are attached. Change of Name The Council of the Institute considers that the name of the Institute is too long and causes confusion with other professional bodies on the Island. It has, therefore, recommended that the name revert to The Insurance Institute of the Isle of Man. This recommendation will be tabled at the AGM for members to vote upon. Enhance your career - join the Isle of Man Council The Council is made up of professionals from across the Island s insurance and financial services industry who volunteer their time and support to provide services to more than 300 members living or working in the Isle of Man. As well as supporting local CII and PFS members, being a council member brings with it personal benefits including the opportunity to network with senior figures from the industry, develop your own personal skills and raise your profile within the local market. Members who are interested in joining Council are more than welcome to nominate themselves for election at the AGM. Nominations must be sponsored by 4 current CII members. A Nomination Form is attached and must be completed and returned to Christine Crowther by at please post original to Ann Zachorecki c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man no later than 26 th March Alternatively, for an informal chat about joining Council, please contact John Hockney at The Institute supports Equality and Diversity see the website for the Equality and Diversity Policy CPD Event The AGM will be followed by a CPD event, details of which are attached. Please register your interest by ing to Richard Hulme at Christine Crowther Hon. Secretary Isle of Man Insurance and Financial Services Institute 7 th March 2014

2 c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man tel: fax: NOTICE OF MEETING THE 27TH ANNUAL GENERAL MEETING WILL BE HELD AT THE CLAREMONT HOTEL, LOCH PROMENADE, DOUGLAS ON THURSDAY 10TH APRIL 2014 AT (PROMPT) AGENDA 1. Notice Convening the Meeting 2. Apologies for Absence 3. Minutes of the 26th Annual General Meeting held on 19 th April Matters Arising 5. President s Report 6. Treasurer s Report & Adoption of Financial Statements to 31 st December Change of Name To consider and if thought fit agree the following motion: THAT the Council of the Isle of Man Insurance and Financial Services Institute be authorised to change the name of the Institute to The Insurance Institute of the Isle of Man and amend its Constitution accordingly. 8. Election of Officers 9. Re-appointment of Auditor 10. Transfer of Presidential Office Christine Crowther Hon Secretary 7th March 2014

3 c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man tel: fax: Minutes of the 26th Annual General Meeting of the Isle of Man Insurance and Financial Services Institute held at The Claremont Hotel, Douglas, Isle of Man on 19 th April 2013 at 1230 Present: 29 members of the Isle of Man Insurance and Financial Services Institute In attendance: Sandra Hinds, Area Marketing Manager North West, Chartered Insurance Institute 1. Notice Convening the Meeting The meeting opened at 1230 and the President, Karen Ladly, confirmed that the Notice convening the meeting had been sent to members in accordance with the Constitution. 29 members were in attendance and the Honorary Secretary confirmed that the meeting was quorate. 2. Apologies The Secretary confirmed that apologies had been received from Mike Henthorn, Adrian Tinkler, Adrienne Thompson, Gill Marples, Bryan O Connor, Lillian Boyle, John Condon, Rod Jones, Sue Gee, Jim Hardie, Peter Gallagher and David Stacey. 3. Minutes of 25th Annual General Meeting held 24 th April 2012 The President advised the meeting that copies of the minutes had been posted to the Institute s website. Acceptance of those minutes as an accurate record of the meeting of 24 th April 2012 was proposed by Karen Ladly and seconded by Ann Zachorecki. 4. Matters Arising There were no matters arising. 5. President s Report The President tabled her report for the year and advised that it had been posted on the Institute s website. Karen thanked Council for their support and thanked members for attending the CPD events. 6. Treasurer s Report and Approval of Accounts to 31 st December 2012 The Treasurer advised that copies of the accounts and the Treasurer s Report had been posted on the Institute s website.

4 The Treasurer advised that the accounts had been audited by Nicola Bowker & Co for the fifth year running and approved by Council at their meeting held on 6 th March She advised that the headings had changed slightly and as a result the comparatives for the prior year had been re-stated in line with the new headings. The Treasurer ran through the salient points in her Report, remarking that: The 2012 dinner was self-funded; Balance of the current account is 10,762 as at 19th April 2013; CII grant for 2013 is 3,503; Charitable donations of 2,311 are to be paid, split between the Insurance Charities and the President s nominated charity, Age Isle of Man. The Treasurer asked if there were any questions regarding the accounts. There were no questions. Karen Ladly proposed that the accounts be adopted and the proposal was seconded by Wendy Sayer. 7. Election of Officers The President explained the procedure for the nomination and election of officers. President Oriana Hills was nominated by Council to be President at the Council meeting held 6th March There being no other candidates nominated, Oriana was duly elected. Deputy President John Hockney was nominated by Council to be Deputy President at the Council meeting held 6th March There being no other candidates nominated, John was duly elected. Vice Presidents The Constitution provides for Council to include up to 4 Vice Presidents. Sharon Sutton has been nominated to serve as Vice President and has indicated her willingness to serve. Other Officers The following nominations have been received in accordance with the constitution: Hon. Treasurer Hon Secretary Hon Education Secretary Hon Membership Secretary Charities Representative All have indicated their willingness to serve and were duly elected. Additional Council Members Ann Collins Christine Crowther Richard Hulme John Condon Adrian Tinkler, subject to CII acceptance The constitution allows for the election of 10 additional council members by written ballot. The following nominations have been received in accordance with the constitution: Paul Ellison Denise Goodburn Gillian Marples

5 Valerie Mulhern James O Connor Bryan O Connor Tim Rattray Wendy Sayer Ann Zachorecki All have indicated their willingness to serve and were duly elected. 8. Appointment of Auditor Karen Ladly thanked Nicola Bowker & Co for their work as auditor for the Institute for the year. It was proposed by Christine Edge and seconded by Sharon Sutton that Nicola Bowker & Co be appointed once again for the forthcoming year. Karen Ladly advised that the current audit fee is 600, which represents 17% of the CII grant, the Institute s main source of income. The Constitution states that two or more competent members of our Institute or a professional auditor shall be appointed at the AGM to audit the accounts for the ensuing year. It is proposed that Council will investigate whether the appointment of two members to audit the accounts in place of Nicola Bowker & Co is a viable alternative for the 2014/15 year and will present their findings to the members in due course. Karen requested that if any members have a view on moving away from a professional auditor could they please make them known to a Council member. 9. Any Other Business Karen Ladly reminded Council Members that the first Council meeting of the new Presidential year is scheduled for 24 th April Members were reminded that the closing date for the Representative Council Elections is 23 rd April Details can be found on the website and interested parties should contact Christine Crowther. 10. Transfer of Office The retiring President, Karen Ladly, presented the Chain of Office to 2013/2014 President, Oriana Hills. Oriana Hills presented Karen Ladly with her Past President s Badge. Oriana expressed thanks to Karen for her work as President and wished her all the best for her new life in London. The meeting was closed at 12:40pm. President Date

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14 c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man tel: fax: Treasurer s Report 2013 Accounts The Report and Accounts for year ended 31 Dec 2013 will be tabled for adoption at the 2014 AGM. The 2013 accounts have again been prepared by Nicola Bowker & Co Chartered Accountants. Points to be noted: This is the sixth year with Nicola Bowker & Co. The 2013 dinner was self-funded. The following 2013 CPD Events made charges as applicable below: : Regulatory update = 50 non-members / free to members : Digital Marketing= 10 non-members /free to members Monthly council meetings for 2013 were all funded by council members Update (i) The balance of the current account total as at 5 th March 2014 is 13, (ii) CII grant for 2014 is 3,607. (iii) Charitable donations raised from the 2014 dinner are ready to be paid to both the Insurance Charities & Age IOM (formerly Age Concern Isle of Man). Total raised 2, split ( 1, each). I hope that I have covered all the main points on the accounts. However, if there are any questions I shall be pleased to answer them. I will be seeking a proposer and a seconder to move the formal adoption of the audited financial statements for the year ended 31 December 2013 at the AGM. Ann Collins Hon Treasurer

15 c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man tel: fax: President s Report has been a varied and rewarding year for the Isle of Man Insurance and Financial Services Institute. Not only has the Institute funded two revision workshops for its members and local CII students, it has also facilitated the provision of one technical workshop and no less than seven CPD events, and has been fortunate to have been able to extend invitations to its members to attend an additional five events hosted by other local institutes. Furthermore, through the special relationship we enjoy with the Isle of Man PFS Region, local CII members have been able to attend the quarterly PFS seminars free of charge. In addition to all of this, it is with great excitement that I am able to announce that the Institute recently became accredited by the CII as a CPD provider, which will make achieving relevant CPD that much more accessible to our members going forward. However, we need your input as members to assist us in ensuring you obtain the most relevant CPD. If you have any suggestions for events, please get in touch - Due to data protection restrictions it is not always possible for council to access detailed information in relation to local students or what subjects are being studied until after results are released. With 128 exams sat by Isle of Man candidates during 2013, it is clear that more and more people are opting to commence or continue their studies, and I would therefore urge students to maintain contact with the Institute in order that we can target revision help in the most effective way and so provide ongoing support. We are very mindful of our limited funds and diverse industry, and are considering sounding out employers views as to the possibility of offering more technical CII face-to-face training sessions with some financial support from the local market. If you think that this would be of interest to you or your employers or should you wish to discuss study routes, please do get in touch - This year we saw the return of the quiz, with 213 raised for our chosen charities AGE Isle of Man and the Insurance Charities, and in spite of the devastating fire at the Mount Murray Hotel and Country Club late last year, we were fortunate to have

16 been able to use the venue for our Annual Dinner once again. With another full house, we were able to raise a further 2,341 for our charities, a fantastic amount which will go a long way towards helping both. The Golf Day now had a new date of May, and it is hoped this will encourage even more participation going forward. The use of social media continued to increase this year, with a new Facebook page complimenting the website and LinkedIn group already in use, and this in turn saw the full switch to paperless communication to members occur, which going forward will ensure timely communication and cost savings where employer sponsorship is not forthcoming. Additionally, the CII made live a new and exciting website and filesharing facility which will provide a structured and cogent repository for our records going forward and enable the council to store its documents and ensure its returns are filed with ease going forwards. In spite of all of the fantastic work carried out, in some respects was a challenging year for council. The CPD accreditation process, the roll-out of new policies by the CII in respect of the awarding of grant monies, equality & diversity and health & safety, the review of the Institute s auditing arrangements, the decision to update the Institute s constitution in line with the forthcoming CII model, and the proposal to change the name of the Institute back to its previous one (Insurance Institute of the Isle of Man) in order to enhance the local standing of both the Institute and the Isle of Man PFS Region, were all matters which prompted much consideration and discussion throughout the year. Without the efforts of all council members, it would have been incredibly difficult to navigate these matters. The members of the Institute are fortunate indeed that those people who volunteer for the local council are in place to do so, and it is with gratitude and respect that I salute those members of council who have stepped forward to assist the Institute this year. In particular, I thank John Hockney for ensuring the continuous running of council matters in May and June whilst my husband and I welcomed the addition of our son to our family, and Wendy Sayer and Christine Crowther, without whose knowledge, expertise and experience the council would have struggled to meet our deadlines and navigate all matters which arose throughout the year. Finally, I would like to express my hope that all members of the Institute have continued to find that their membership pays, both professionally and personally. It has been an honour and a privilege to serve as President of the Institute for the year I look forward with anticipation to what the future of the Institute brings. Oriana Hills President

17 c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man tel: fax: ANNUAL GENERAL MEETING NOMINATION / ACCEPTANCE FORM... POST TO BE FILLED e.g. President, Hon Treasurer, Council Member etc) (STATE We, the undersigned, being paid up Members of the above institute, hereby nominate:... (PRINT NAME IN BLOCK CAPITALS). Signed Print Name. Date. Signed Print Name. Date. Signed Print Name. Date. Signed Print Name. Date I,, (PRINT NAME), being a fully paid up Member of the above Institute, having been nominated in accordance with the terms of the Institute s Constitution, confirm that I am willing to stand for the above post. Signature Date.. Please return this form, no later than 26 th March 2014, by to Christine Crowther, Hon. Secretary, at and post original to Ann Zachorecki, c/o Tower Insurance, Jubilee Buildings, 1 Victoria Street, Douglas, Isle of Man The Institute supports Equality and Diversity See the website for our Equality and Diversity Policy.

18 The Isle of Man Insurance & Financial Services Institute invites all members to attend the following CPD event: Future Opportunities for the Isle of Man in an Uncertain World Presented by John Spellman, Director of Financial Services, Department of Economic Development Thursday 10 th 12:30pm until 1.30pm (following the AGM) Claremont Hotel, Douglas Following his presentation last year, John has kindly agreed to provide an update on the above to members of the Isle of Man Insurance & Financial Services Institute. John Spellman, a qualified accountant and banker, has a wealth of experience in both the UK and offshore finance sectors. He has operated at a senior level for many years holding a variety of specialist and operational roles. John built his international experience whilst spending the first 15 years his career in banking, fund management and accountancy. With his very strong financial background and in addition to managing a number of businesses, he has also held a variety of specialist roles including Programme Director, Finance Director and Commercial Services Director. All of these roles were in businesses during time of tremendous growth. He was also a board member of the hugely successful Halifax General Insurance until In October 2012, John was appointed Director of Financial Services with the Isle of Man Government and has a specific brief to review and advance the strategic plans and operational development of the division. Learning Outcomes By attending this session, delegates will learn about: Developments for the Isle of Man as an International Finance Centre Advantages for FATCA Financial Technology & Opportunities How to Book To register your place, please Richard Hulme on with your name and CII PIN. As this promises to be a popular event, please ensure you reserve your place as soon as possible. Kind Regards, Richard Hulme ACII Cert FA Hon. Education Secretary The Isle of Man Insurance & Financial Services Institute holds CPD Accreditation as a training provider for The Chartered Insurance Institute. The Institute's Complaints Handling and Diversity & Equality Policy can be found on our website under the About Us heading