Corporate governance


        

The Vhi Group’s vision is to help our customers live longer, stronger and healthier lives. In order to achieve this, Vhi Group is committed to the highest standards of corporate governance, business integrity, transparency and professionalism in all of our activities.

 

The Group Board seeks to ensure that its governance structures are fit for purpose, appropriate and effective for the nature, scale and complexity of the risks inherent across Vhi’s business lines.

 

The Vhi Group aims to conduct its business in accordance with both the letter and the spirit of the relevant regulatory and compliance related laws, regulations and codes that apply to its regulated activities, as well as internal compliance policies and standards and to act with integrity, honesty and fairness in dealing with customers, patients and other stakeholders. 

 

 

 

Corporate structure


        

Under the Voluntary Health Insurance (Amendment) Act 2008, the Voluntary Health Insurance Board has a group structure with subsidiary companies responsible for different aspects of its business activities. Vhi Group DAC is the Group holding company (Registration 527605). The Vhi Group’s two primary businesses are the provision of schemes of insurance that help people better look after their health and the provision of superior health and wellness services not available elsewhere in the market and that deliver superior patient outcomes for Vhi customers.

 

 

· Vhi Insurance DAC – underwrites the group's health insurance business and is regulated as a non-life insurance undertaking by the Central Bank of Ireland (Registration No. 527606).

· Vhi Healthcare DAC – is regulated as an insurance intermediary by the Central Bank of Ireland and provides sales and policy administration for the group's health insurance business. It also offers, on an intermediary basis, the sale of international, travel, dental, life and mortgage protection insurance on behalf of those entities to which is it tied (Registration No. 527604).

 

 

· Vhi Health & Wellbeing DAC – the operational arm of Vhi’s health provision business (Registration No. 531499).

· Vhi Health & Wellbeing Holdings DAC – is the holding company for Vhi Health & Wellbeing DAC and the following subsidiary companies (Registration No. 642987):

- Vhi Abbey DAC (Registration No. 541492).

- Vhi Portfolio DAC (Registration No. 642986).

- Vhi Health Services DAC (Registration No. 474622).

- Vhi Cumhdach DAC (Registration No. 628074).

- Vhi Occupational Health DAC (Registration No. 461202).

- Áras Sláinte Limited (in liquidation) (Registration No. 350611).

 

 

· Vhi Group Services DAC – provides shared services to each of the companies in the Vhi Group (Registration No. 538110).

 

 

With the exception of Vhi Health Services DAC, which has a registered address at Waverley Office Park, Old Naas Road, Dublin 12, the above companies are all registered at Vhi House, Lower Abbey Street, Dublin 1.

 

 

 

 

Board of Directors


        

A board and committee structure is in place to oversee all aspects of Vhi’s activities. The Group Board has ultimate responsibility for oversight of the conduct and performance of the Vhi Group. The Group Board sets the strategic, risk appetite, risk management and cultural parameters for the Vhi Group and creates accountability around each of these parameters. It is also responsible for overseeing the delivery of the Vhi Group’s strategy through its health insurance and health services provision businesses.

 

 

The Vhi Group has established four Committees to assist it with its work:

·         Group Audit Committee

·         Group Risk Committee

·         Group Remuneration Committee

·         Group Nomination and Governance Committee

 

Details of our Board of Directors is available here.

 

 

 

Compliance and regulation


        

The Vhi Group implements the “three lines of defence” model which is used to structure roles and responsibilities for risk and control activity comprising the key functions of Risk Management, Compliance, Actuarial and Internal Audit.

 

In seeking to ensure adequate, effective and cost efficient internal controls, audit processes exist to ensure that the Group’s Internal Control Framework is implemented in compliance with the Internal Control Policy. These frameworks assist the Vhi Group to comply with all applicable regulatory requirements, including the Central Bank’s Corporate Governance Requirements for Insurance Undertakings and the Code of Practice for the Governance of State Bodies.

 

In addition, Vhi Insurance DAC and Vhi Healthcare DAC are subject to regulatory oversight by the Central Bank of Ireland and the Vhi Group’s insurance products are subject to regulation by the Health Insurance Authority, the statutory regulator of the Irish private health insurance market. 

 

 

 

Group policies


        

The Vhi Group is committed to ethical conduct and adherence by colleagues and directors to the highest business ethics, professional and legal standards. The Group Board has approved a number of Group Policies to guide colleagues and management and support responsible decision making across the Vhi Group.

 

The Code of Conduct Policy sets out principles to guide employees and members of the Boards of Directors in their day to day Vhi business conduct with specific reference to fraud, corruption, bribery and blackmail.

 

The Group’s Conflict of Interest Policy sets out minimum standards with the objective of seeking to ensure that conflicts of interest are properly dealt with.

 

The Speaking-Up Policy set out the framework for enabling employees across the Vhi Group to raise genuine concerns and speak up in confidence about possible improprieties and puts in place a framework for appropriate and independent investigation and follow-up action.