Page 2: Co-operative values
So in what way does being a co-operative affect the way that the CIS operates?The best answer to the question is to examine the Society’s three principal objectives, which are so important that the organisation refers to them as obligations. These are to:
- serve exclusively the interests of its policyholders;
- invest funds solely in the interests of its policyholders;
- use all profits for the benefit of policyholders.
At the heart of the CIS’s co-operative ethos is the profit-sharing concept. The Society distributes profits as bonuses to life assurance and pension policyholders and as premium discounts to motor and household insurance policyholders.
In 1996, CIS is distributing a record £581 million to its life and pension policyholders. Loyal customers with motor and home insurance policies will receive discounts on their premiums amounting to £27 million. In addition, the Society has recently reduced the charges on its unit trusts.