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
  • (1) All retail general insurers must ensure that the following information is prominently displayed on their website, on all marketing materials, and all communications with both customers and potential customers –
  • (a) the postal address of the insurer’s registered office or, where the insurer is a branch, the postal address of the branch;
  • Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
  • (b) the email address or telephone number for direct communication with the insurer;
  • Telephone: 01604 946 791
  • (c) the postal address and either email address or telephone number for lodging complaints against the insurer;
  • Step 1, in the first instance, please direct your complaint to:
    Park Home Assist Insurance Services
    Royal House Queenswood, Newport Pagnell Road West, Northampton NN4 7JJ
  • Email: info@platinumseal.co.uk
  • Telephone: 01604 946 791
  • Step 2
    If you are unsatisfied with the subsequent response received from Park Home Assist Insurance Services please direct your complaint to:
    Assist Insurance Company Limited
    Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
  • (d) details for contacting the Channel Islands Financial Ombudsman;
  • Channel Islands Financial Ombudsman
    P O Box 114, Jersey, Channel Islands, JE4 9QG
  • Jersey local phone: 01534 748610, Guernsey local phone: 01481 722218, International phone: +44 1534 748610
  • (e) whether the insurer and the producer share a common controller.
  • Assist Insurance Company Limited and Park Home Assist Insurance Services share a common controller.