Fair Market Value Assessment, Homestart Assistance, Claims Handling & FLP

MIS Home Start Assistance, Claims Handling and Complimentary Family Legal Expenses Insurance.

Product Governance and Fair Value Assessment

MIS Group is committed to conducting its business in a fair, honest and open manner and we ensure that we have appropriate product oversight and governance systems and controls in place to offer products that have been assessed as providing fair value to customers that are within the appropriate target market.

Product Information

Product                MIS Homestart Breakdown Assistance, claims handling and complimentary Family Legal Expenses Insurance.

Assessment        Most Recent Review       August 2022

Product Type     Homestart Assistance, claims handling, Family Legal Expenses

Manufacturer/      MIS Group – Breakdown Recovery Service & Claims Handling Service                  

Co Manufacturer  Capacity Provider – ARC Legal Assistance Limited and RSA Insurance Limited.

Territorial Limits   The United Kingdom (meaning England, Scotland, Northern Ireland, Wales).

Characteristics of the product aimed at meeting the needs of the target market

Breakdown Recovery Service     Home Start Assistance  

Key Exclusions     

• MIS shall not be liable for any liability or loss arising from any act performed in the execution of the assistance service provided
• MIS shall not be liable to pay for expenses which are recoverable for from any other source.
• MIS shall not be liable for any accident or breakdown brought about by any avoidable, wilful and deliberate act committed by the customer.
• MIS shall not be liable for cost of repairing the car.
• MIS shall not be liable for the cost of any parts, keys, lubricants, fluids or fuel required to restore a vehicle’s mobility

Key Conditions

• No benefit shall be payable unless Motorists Insurance Services Ltd has been notified and has authorised assistance through the medium of the emergency telephone number provided.
• Territorial limits of cover are The United Kingdom (meaning England, Scotland, Northern Ireland, Wales).
• Vehicles eligible for assistance will be restricted to private cars and private cars.
• The benefits of this policy will be subject to a maximum of three assistances per annum.

Legal Expenses Insurance             Consumer Disputes

                                                                Taxation

                                                                Home Rights

                                                                Personal Injury

Key Exclusions                                  

• Claims where there are no prospects of success
• Claims where we consider it is unlikely a reasonable settlement will be obtained or where the likely settlement amount is disproportionate compared with the time and expense incurred.
• Claims that arose before the commencement of this insurance.
• Matters in respect of which an insured person is entitled to Legal Aid.
• Any dispute or prosecution involving a motor vehicle unless the dispute relates to a personal injury claim.
• Any claim involving pharmaceutical or any related claims (including but not limited to tobacco products).
• Any claim falling within the Small Claims Track Limit (other than as detailed under Consumer Disputes).
• Any activity connected to a business or any venture for gain.
• Any professional fees incurred in defending or pursuing new areas of law or test cases.
• Any claims directly or indirectly arising from an allegation or mis-selling or mismanagement of financial services or products.
• Claims within the first 90 days of the first period of insurance under Consumer Disputes or Home Rights.

Key Restrictions

• The maximum amount payable per claim is £25,000
• The maximum amount payable per period of Insurance is £25,000
• Where it may cost is more to handle a claim than the amount in dispute we may at our option pay you the amount in dispute which will then constitute the end of the claim under this policy.

Distribution Strategy

This product is intended for distribution via third party distributors approved by MIS sold as either an optional add on or embedded product.  All brokers/agents must be approved by us and enter into our standard format TOBA.

Fair Value Review

Our product governance process requires a full review of all products at least annually to determine if the product offers fair value to the end customer. These reviews consider the target market, distribution strategy, product information, product performance, product design and feedback from distributors and customers.

We also monitor renewal retention, cancellations, loss ratios and complaints as part of this review process.

We are satisfied that the product offers fair value to its intended Target Market as when compared to similar products available we offer more comprehensive cover at a much more competitive price.

In 2021 we provided assistance to over 500 customers who availed of our Home Start Breakdown Recovery Assistance

Also in 2021 the Family Legal Expenses Insurance provided assistance to over 700 customers.

Relevant documents available on request

• IPID
• Product Summary
• Policy wording.