ASSIST INSURANCE COMPANY LIMITED
Public Disclosure Information Requirements
| Public Disclosure Information for the financial year ended 31 December 2024 |
| This information has been prepared in accordance with Schedule 1 of the Insurance Business Rules and Guidance, 2021. |
| Profile |
| The Company is a Guernsey based insurance company and is licensed as an Insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). The Company provides insurance for the replacement and repair of defective products. |
| Corporate Governance |
| The Company and its Board is subject to the Finance Sector Code of Corporate Governance (“the Code”) issued by the Guernsey Financial Services Commission. Appendix 3 of the Code which is applicable to Licensed Insurers is consistent with the core principles of the International Association of Insurance Supervisors.
The Board is required to have, on an ongoing basis, an appropriate number and mix of individuals to ensure that there is an overall adequate level of knowledge, skills and expertise at the Board level commensurate with the governance structure and the nature, scale and complexity of the Company’s business. |
| Technical Reserves |
| The technical reserves of the Company are reported as disclosed in the notes the financial statements. The technical provisions are disclosed in the statement of financial position in the financial statements. |
| Insurance Risk |
| Insurance risk and its management is disclosed in the notes of the financial statements. |
| Financial Performance |
| Financial performance is disclosed in the statement of comprehensive income in the financial statements.
The claims development table is included in the notes of the financial statements. |
| Capital Adequacy |
| The capital adequacy of the Company is disclosed in the notes of the financial statements. |
| Financial instruments |
| The Company holds assets in cash and cash equivalents and term deposits. |
| Enterprise Risk Management |
| Enterprise Risk Management is the holistic term that includes both the Internal Control Framework and the Risk Management System of the Company.
The Internal Control System of the Company provides the business with a stable basis to manage risk and execute the business strategy. There is management oversight of all control activities outlined within operational policies and procedures. The internal control system is monitored by the Compliance Team. The internal control system is subject to director oversight. The Risk Management System is the processes used to identify, assess, monitor and manage all risks across the Company. This is subject to oversight by the board. |
| Asset Liability Management policy |
| Asset Liability Management policy. The Company manages its assets and cash flows in a prudent manner to satisfy its obligations as they fall due. |
| Public Disclosure Statement per website |
| Profile |
| The Company is a Guernsey based insurance company and is licensed as an Insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). The Company provides insurance for the replacement and repair of defective products. |
| Corporate Governance |
| The Company and its Board is subject to the Finance Sector Code of Corporate Governance (“the Code”) issued by the Guernsey Financial Services Commission. Appendix 3 of the Code which is applicable to Licensed Insurers is consistent with the core principles of the International Association of Insurance Supervisors.
The Board is required to have, on an ongoing basis, an appropriate number and mix of individuals to ensure that there is an overall adequate level of knowledge, skills and expertise at the Board level commensurate with the governance structure and the nature, scale and complexity of the Company’s business. |
| Enterprise Risk Management and Asset-Liability Management |
| Enterprise Risk Management is the holistic term that includes both the Internal Control Framework and the Risk Management System of the Company.
The Internal Control System of the Company provides the business with a stable basis to manage risk and execute the business strategy. There is management oversight of all control activities outlined within operational policies and procedures. The internal control system is monitored by the Compliance Team. The internal control system is subject to director oversight. The Risk Management System is the processes used to identify, assess, monitor and manage all risks across the Company. This is subject to oversight by the board. Asset Liability Management policy. The Company manages its assets and cash flows in a prudent manner to satisfy its obligations as they fall due. |
| Other Disclosures |
| The Financial Performance, Financial Instruments, Insurance Risk, Technical Reserves and Capital Adequacy are disclosed and detailed in the financial statements. |
| Further Public Disclosure Information Requirements |
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