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Virginia Surety Company is a wholly-owned subsidiary of Assurant, Inc.
Founded in 1927, Virginia Surety Company Inc. (VSC) is an American registered insurance company incorporated in Illinois and is one of the largest underwriters of insured service plans and warranty products in the world. VSC is part of the Assurant Group, a global provider of risk management solutions.
VSC operating as a local branch in Australia, is a foreign registered company regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). VSC is a premier provider of a comprehensive range of insurance and warranty solutions to the automotive, appliance and technology and financial services industries.
Our Commitment
VSC as an insurer is committed to offering insurance products that meet the likely needs and objectives of our customer and that our products offer customer’s value in return. VSC achieves this by having a customer-centric approach to the design and distribution of our products.
Design and Distribution
When developing our products, we will ensure they:
- Have a clearly defined target market
- Meet the likely needs and objectives of the customer in the target market they are designed for
- Are simple and easy to understand, distribute and service, and
- Are in line with legal and regulatory requirements.
VSC distributes its products through carefully selected partners under agreed distribution conditions.
Ongoing Monitoring and Review
VSC constantly monitors the performance of our products to assess whether they meet the likely needs of the target market they are designed for. VSC has established processes to gather and record complaints and disputes data and where appropriate to provide product feedback to our employees through ongoing training and development.
Where a product review identifies the product design to be ‘unsuitable’ for the intended target market we may modify the product or withdraw the product from distribution altogether.
If the distribution channel is determined to no longer be appropriate for the target market, we may terminate our relationship with the relevant distribution partner.
Governance
To ensure VSC meets its regulatory obligations under the Corporations Act 2001 (Cth) and ASIC Regulatory Guide Regulatory Guide 274: Product Design and Distribution Obligations, we have established processes and procedures to ensure our customers’ needs are considered and addressed before our products are offered to the market.
All new and existing products are presented to our Product Governance Forum. The Product Governance Forum review all matters relating to the end-to-end customer journey focusing on two key aspects of the product lifecycle; Product Innovation and ‘In Life’ Product Performance.
The Product Governance Forum ensures our products:
- Are and remain fit for purpose
- Provide fair value for money
- Meet the customers’ expectations, and
- Are sold to the appropriate target market to prevent customer detriment and harm.
If you have any questions in relation to the design and distribution of VSC’s products, you can contact us at [email protected]
Virginia Surety Company, Inc. ABN 63 080 339 957, AFS Licence No. 245579.
Any general advice provided on this website is not based on your personal objectives, financial situation or needs. Before buying any financial product, you should read the current Product Disclosure Statement and Target Market Determination for that product where applicable.
VSC acknowledges the Traditional Owners and Custodians of the lands on which we live and work across Australia. We pay our respects to Elders and ancestors past, present and future.