TICO Module 1 Flashcards
What is TICO’s Mandate in the travel industry?
TICO is a not-for-profit corporation that regulates travel retailers and wholesalers.
What is the relationship between TICO and the Ministry?
TICO works cooperatively with the provincial government on behalf of the travel industry and consumers.
Describe the leadership of TICO’s organizational structure.
TICO is run by a Board of Directors, with support from a Chief Executive Officer and a Registrar.
What is TICO’s mission?
To promote a fair and informed marketplace.
What are TICO’s 4 main values?
Ethical, responsive, fair, and visionary
When was TICO created?
June 25, 1997
What is the Travel Industry Compensation Fund?
A refund for customers who did not receive their travel products because of a company’s bankruptcy.
In what ways does TICO work with the Ministry?
TICO has regular meetings with the Ministry of Consumer Services to address issues, consult with them on policy, move recommendations forward, and collaborate on legislation.
What are the 3 goals in TICO’s vision statement?
- To be a leader in customer protection
- To be a model of fair but firm industry regulations
- To be an advocate of good business ethics
Which 3 groups does TICO work with to carry out its mandate?
Consumers, the travel Industry, the government
What are TICO’s 4 main responsibilities?
- Registration
- Consumer protection
- Complaint resolution
- Government liaison
What is TICO’s responsibility in regards to registration?
To process applications and renewals, ensuring standards are met.
What are TICO’s responsibilities in regards to consumer protection?
They must review registrants, conduct inspections and punitively enforce the act, as well as improve customer education.
What are TICO’s responsibilities in regards to complaint resolution?
To help resolve complaints between consumers, registrants, and TICO itself.
What is the purpose of TICO’s responsibilities regarding government liaison?
TICO works with the government in order to pass legislative updates and reform to regulations.
What are TICO’s responsibilities around consumer awareness?
Increase awareness of risk and benefits of travel insurance and to increase consumer education and confidence with purchasing travel in Ontario.
What are TICO’s responsibilities around industry awareness?
Maintaining an up-to-date website, establish education standards, and conduct inspections.
What are TICO’s responsibilities around consumer compensation?
To provide compensation to consumers who purchased travel services from an Ontario registered travel agency but did not receive them because of the bankruptcy or insolvency.
