Pacific International Insurance Pty Ltd is required to maintain capital in excess of the minimum solvency capital requirement specified by the Reserve Bank of New Zealand (RBNZ).
Under the Solvency Standard for Non-life Insurance Business issued by the RBNZ, to retain a positive solvency margin means that the actual solvency capital position exceeds the minimum required under the Solvency Standard. The solvency information below is required to be disclosed in compliance with the “Solvency Standard”.
As required under the Insurance (Prudential Supervision) Act 2010, Pacific International Insurance’s half-yearly Solvency Return filed with RBNZ on 31 December 2020 was:
Actual Solvency Capital: AUD 17,575,000
Minimum Solvency Capital: AUD 7,063,000
Solvency Margin: AUD 10,512,000
Solvency Ratio: 248.82%
Pacific International Insurance uses Tier 1 Capital.
|A++ and A+||Superior|
|A and A-||Excellent|
|B++ and B+||Good|
|B and B-||Fair|
|C++ and C+||Marginal|
|C and C-||Weak|
|E||Under Regulatory Supervision|