There was a theme at Tuesday night’s TICO AGM, and that was it’s an exciting time to be part of TICO and the travel industry as a whole.

Speaking to TravelPulse Canada, TICO CEO Richard Smart said that 2017-2018 was a successful year for the organization in terms they were operationally on budget and hit their targets, but their biggest accomplishment was it was the lowest year on record for claims against the fund.

“That’s the ultimate test of TICO’s role as a regulator, that we see minimal consumer claims,” said Smart. “The industry is healthy, TICO is healthy and it’s a testament to the strength of both TICO and the industry.”

The AGM reviewed typical yearly matters, but focused on their role in Bill 166, which will strengthen protection for consumers. A comprehensive review of the consumer travel protection act hadn’t been looked at by the ministry in any detail for ten years. The Bill was passed in the house in December, and once through the final review process, will see a number of new consumer protection regulations.

“We’re looking at that right now and are in a bit of a holding pattern as the government changes over, but we’re hopeful that in 2018 and into 2019 we’ll finish that regulatory review and then move into the new regime.”

Board Chair Jean Hebert agrees.

“It’s a very positive step into the future, we still need to work on the regulation but I think this bill is a good step forward. As I mentioned in my report there are some issues that still need to be addressed such as compensation fund, but we are looking forward to working with the government and the ministry to support this protection for consumers.”

In addition to Bill 166, TICO is also implementing a mandate to reach consumers via their new marketing partner to develop exciting concepts to raise awareness. A recent Omnibus Survey found that 33% of consumers are aware of TICO and 73% (compared to 63% last year) understand travel services must be purchased from a registered travel agent to obtain protection from the Compensation Fund. A further 81% of consumers, versus 69% last year, have a clear understanding of the role TICO plays in consumer protection.

“We’re always challenged in reaching out to our consumers because they are so inundated with emails, surveys and whatnot and demand on their time,” explains Smart. “Strategically, we’ve got the review for the Bill, operationally we’re of financial and sound state and we're looking forward in terms of our business plan and strategy. With our new initiatives, it’s an exciting time to be part of TICO and the industry.”