Homecare Insurance Limited
The Directors fully understand their responsibilities under section 172(1) of the Companies Act to promote the success of the Company for the benefits of its members, having regard amongst other matters to:
- the likely consequences of any decision in the long-term;
- the interests of the Company’s employees;
- the need to foster the Company’s business relationships with suppliers, customers and others;
- the impact of the Company’s operations on the community and the environment;
- the desirability of the Company in maintaining a reputation for high standards of business conduct; and
- the need to act fairly between all members of the Company.
The Board confirms that, during the year, it has had regard to the matters set out above. The Board has identified its key stakeholders which are set out below, along with details of the forms of engagement undertaken by the Board, including consideration of the planned closure and cessation of renewals.
Our customers
Whilst we have outsourced our servicing responsibility, the legal and regulatory responsibility to our historic customers remains. Whilst all polices have now closed, the Board will continue to ensure fair outcomes for those legacy customers where claims may still arise ensuring those customers have continuing access to high levels of service, during thew period of run-off.
The regulator
The Company is regulated by the PRA and FCA and retaining these regulatory permissions ensures that the Company can continue to trade. The Company ensures it meets its Minimum Capital Requirements (MCR) and submits regulatory returns on time. The Company has been open and transparent about its future plans with the Regulators, including detailing its run-off plans with the Regulators.