Member Information
As a mutual Society, it’s really important for us to show our members and customers that we run the business efficiently, effectively and legally.
We have to meet legal and regulatory requirements, which are designed to safeguard the interests of MGM’s members and its policyholders.
Here are the key documents explaining MGM’s responsibilities and reporting arrangements:
The Society’s Articles of Association (pdf 304kb)
The Articles specify the governance arrangements for MGM and carry the force of the Companies Act. The Articles may only be amended with the specific approval of MGM’s members.
The Annotated Combined Code for Mutuals (pdf 216KB)
This Code, which is endorsed by HM Treasury, sets out corporate governance standards for mutual insurers, such as MGM Advantage.
2011 Annual Report To With Profits Policyholders
The Society is required to report each year how well it has complied with the obligations documented in the Principles and Practices of Financial Management.
2010 With Profits – Letter To Policyholders (pdf 30.6KB)
The Society’s With Profits Actuary is also required to report on whether MGM Advantage has managed its business in a way that takes the interests of the With Profits policy holders into account in a fair and reasonable manner.
Principles and Practices of Financial Management (pdf 137KB)
The content of this document is prescribed by the Financial Services Authority and it sets out the rules and practices by which MGM will manage its with profits funds.
The PPFM is a rather technical document and we’ve produced a customer friendly version.
With-Profits-Asset-Allocations March
For details of the asset allocation of the With Profits funds.
Other useful documents:
Summary Financial Statement 2011
MGM Advantage Annual Report and Accounts 2011 pdf (13MB)
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