Insurer Solvency Return (ISR)

Insurer Solvency Return (ISR)

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Please select whether this is an interim or full year return:
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Guide notes
Guidance and notes can be found throughout the return to aid completion. Please note that none of the instructions in this return over-ride the requirements under legislation, regulation, license conditions or notices issued to insurers. Phone:
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31-Dec-2014
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30-Jun-2014
Please submit the completed return no later than the last day of the fourth month following your report date. This return collects solvency data from licensed New Zealand insurers. The objective is to provide data that supports the prudential supervision of licensed New Zealand insurers. Insurers are required to complete this return in accordance with the notice issued to each insurer under
section 121 of the Insurance (Prudential Supervision) Act 2010.
The confidentiality provisions in sections 135 to 137 of the Insurance (Prudential Supervision) Act 2010 applies to information collected in this return. Name:
Archived

1 How to fill in this questionnaire
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• at market value, where applicable
• in millions to three decimal places (e.g. NZ$ 2,530,050 = 2.530)
• in New Zealand dollars
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This tab summarises all of the validation checks that have appeared throughout the return. Use this to check that the data provided is consistent. If any cells are highlighted red, please check the associated tables before submitting the data. Please refer to the applicable solvency standard(s) for materiality considerations. Accuracy and materiality Submitting the form Timeliness The Reserve Bank 'Secure Upload Facility' allows you to securely lodge this form with the Reserve Bank. You will require a username and password. If you have not received these please telephone our Reserve Bank contact. The 'Secure Upload Facility' can be accessed here: https://sup.rbnz.govt.nz/ The return is due no later than the last day of the fourth month following your report date. The Bank sends reminders to respondents specifying the calendar date on which the return is due. If for any reason you cannot submit the return by the due date, please contact us to discuss. We will compare the current return with the return provided six months ago as part of our consistency checks. Please save previous returns, including any changes that have been made as a result of discussions with Reserve Bank staff. Please make any comments that would help us interpret the data in the comments boxes provided. Archived

About this return
Notes

• Report for the New Zealand licensed insurer, unless otherwise specified
• Report without any consolidation, unless otherwise specified
  This return collects solvency related information for licensed New Zealand insurers. Reporting of solvency information in this return is generally limited to the New Zealand licensed insurer, unless otherwise specified. Insurers that have been issued a section 59 solvency exemption notice do not complete this return. Information is to be reported without any consolidation of subsidiary or associated companies, unless otherwise specified. Archived

Contents
Questions
1 Life insurance solvency
1.1 Life insurance solvency standard
1.2 Actual solvency capital
1.3 Insurance risk
1.4 Catastrophe risk
1.5 CEP risk capital charge
1.6 CEP risk asset values
1.7 Implied resilience capital factors
1.8 Resilience risk
1.9 Asset concentration risk
1.10 Reinsurance recovery risk
1.11 Summary
2 Life insurance solvency commentary
3 Non-life insurance solvency
3.1 Non-life insurance solvency standard
3.2 Actual solvency capital
3.3 Underwriting risk and run-off risk
3.4 Insurance risk
3.5 Catastrophe risk
3.6 Risk capital charge
3.7 Foreign currency risk and interest rate
3.8 Reinsurance recovery risk
3.9 Summary
4 Non-life insurance solvency commentary
5 Insurer solvency results
5.1 Capital result
5.2 Solvency result
5.3 Solvency result - life funds
5.4 Capital management
5.5 Insurance subsidiaries
5.6 Consolidated solvency result
6 Insurer solvency projections
6.1 Life projections
6.2 Non-life projections
6.3 Total projections
6.4 Explanation of any shortfall
7 Insurer solvency commentary
8 Insurer solvency reconciliation
8.1 Reconciliation
Archived

Question 1: Life insurance solvency
1.1 Please select the life insurance solvency standard that applies to this insurer none and state the date of issue
If none, please move to question 3 Options: none, life, other
1.2 Provide detailed data for actual solvency capital:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Capital 0.000 qualifying ordinary shares 0.000 qualifying preference shares 0.000 qualifying credit union securities 0.000 qualifying reserves 0.000 retained earnings 0.000 non-controlling interests 0.000 Deductions from capital 0.000 goodwill & intangible 0.000 deferred tax assets 0.000 related party 0.000 financial institutions grades 1-3 0.000 financial institutions grades 4-5 0.000 fair value own credit risk 0.000 fair value financial limited market 0.000 defined benefit scheme surplus 0.000 declared dividends or capital repayment 0.000 branch deduction 0.000 Actual solvency capital 0.000
1.3 Provide detailed data for insurance risk:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Policy and other liabilities 0.000 policy liabilities 0.000 other liabilities 0.000 Insurance risk capital charge 0.000 other liabilities 0.000 sum of max {CTV, Solv Liab} @ RPG 0.000 repayable amount adjustment 0.000 Treatment of reinsurance: Please select Options: not applicable, full credit, qualifying with transition, qualifying after transition
1.4 Provide detailed data for catastrophe risk:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Pandemic risk charge 0.000 Other extreme event charge 0.000 Adjustment for minimum zero catastrophe risk capital charge 0.000 Catastrophe risk capital charge 0.000 Catastrophe risk method #N/A Notes

• Report for your licensed New Zealand insurer
• Do not consolidate for subsidiaries and associated companies
• Report in New Zealand dollars to three decimal places (e.g. NZ$ 2,530,050 = 2.530)
  Archived

1.5 Provide CEP capital charge:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Cash 0.000 Sovereign debt 0.000 Bonds AA 0.000 Bonds A 0.000 Premium debt < 6mth 0.000 Bonds BBB 0.000 Bonds councils 0.000 3rd party recoveries 0.000 Bonds other 0.000 Premium debt 6mth - 1yr 0.000 Other contingent liabilities 0.000 Equity listed 0.000 Property 0.000 Equity unlisted 0.000 Assets with full charge 0.000 Residential mortgage loans 0.000 Other direct lending 0.000 Premium debt secured 0.000 Policy loans secured 0.000 Any other assets 0.000 Derivatives capital charge 0.000 CEP capital charge 0.000
1.6 Provide detailed data for CEP risk asset values:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Cash 0.000 Sovereign debt 0.000 Bonds AA 0.000 Bonds A 0.000 Premium debt < 6mth 0.000 Bonds BBB 0.000 Bonds councils 0.000 3rd party recoveries 0.000 Bonds other 0.000 Premium debt 6mth - 1yr 0.000 Other contingent liabilities 0.000 Equity listed 0.000 Property 0.000 Equity unlisted 0.000 Assets with full charge 0.000 Residential mortgage loans 0.000 Other direct lending 0.000 Premium debt secured 0.000 Policy loans secured 0.000 Any other assets 0.000 Derivatives exposure 0.000 Total 0.000 Archived

1.7 Implied resilience capital factors
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds Solvency standard factors percent Cash #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.5% Sovereign debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.5% Bonds AA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.0% Bonds A #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4.0% Premium debt < 6mth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4.0% Bonds BBB #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 6.0% Bonds councils #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8.0% 3rd party recoveries #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8.0% Bonds other #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 15.0% Premium debt 6mth - 1yr #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 15.0% Off balance sheet #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 20.0% Equity listed #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 25.0% Property #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 25.0% Equity unlisted #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 35.0% Assets with full charge #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 100.0% Residential mortgage loans #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.8% Other direct lending #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 10.0% Premium debt secured #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% Policy loans secured #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% Any other assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 40.0% Derivatives #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! varies Total #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1.8 Provide detailed data for resilience risk:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Asset resilience impact 0.000 direction of change please select please select please select please select please select Options: not applicable, rate increase, CEP capital charge 0.000 rate decrease foreign currency capital charge 0.000 interest rate risk 0.000 Solvency liability resilience impact 0.000 resilience insurance risk capital charge 0.000 insurance risk capital charge 0.000 Adjustment for zero minimum resiliance risk capital charge 0.000 Resilience risk capital charge 0.000
1.9 Provide detailed data for asset concentration risk:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Asset concentration risk charge Archived 0.000

1.10 Provide detailed data for reinsurance recovery risk:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Reinsurance recovery risk capital charge 0.000 reinsurance of outstanding claims 0.000 reinsurance of policy liabilities 0.000 reinsurance premium paid in advance 0.000 reinsurance of paid claims 0.000 reinsurance of catastrophe risk 0.000 Reinsurance asset values 0.000 reinsurance of outstanding claims 0.000 reinsurance of policy liabilities 0.000 reinsurance premium paid in advance 0.000 reinsurance of paid claims 0.000 reinsurance of catastrophe risk 0.000 Implied reinsurance risk capital factor #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! reinsurance of outstanding claims #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! reinsurance of policy liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! reinsurance premium paid in advance #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! reinsurance of paid claims #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! reinsurance of catastrophe risk #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1.11 Summary:
Life fund outside statutory funds
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Actual solvency capital 0.000 capital 0.000 deductions from capital 0.000 Total solvency requirement 0.000 insurance risk capital charge 0.000 catastrophe risk capital charge 0.000 reinsurance recovery risk capital charge 0.000 resilience risk capital charge 0.000 asset concentration risk capital charge 0.000 Minimum solvency capital 0.000 total solvency requirement 0.000 policy liabilities 0.000 other liabilities 0.000 adjustment for minimum zero minimum solvency capital 0.000 Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 percent Solvency ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Archived

Question 2: Life insurance solvency commentary � If there is more than one statutory fund please describe the business in each statutory fund. � If there is business in the life fund outside the statutory funds please describe this. � Please explain how related product groups have been selected. � Please describe the hypothecation (if any) of assets used for the resilience risk capital charges. � Please explain how discretions have been allowed for. � Please describe the allocation of capital, and the deductions from capital, to the life funds. � Please explain how the insurance risk capital charge was calculated. � Please provide at related product group level the application of CTV minimum, amount of solvency liability & other liabilities. � Please explain how other liabilities have been allocated between life funds. � Please explain how the catastrophe risk capital charge was calculated. � Please state impacts for both upshock and downshock or other applicable test, at the level of RPG and hypothecated portfolio. � Please explain any material differences between the implied resilience capital factors (question 1.7) and the solvency standard factors. � Please explain the type of assets in the asset class "any other assets" recorded in question 1.6. Please provide any other relevant comments you may have about the information provided in questions 1 and 2. Archived

Question 3: Non-life insurance solvency
3.1 Please select the non-life solvency standard that applies to this insurer none and state the date of issue
If none, please move to question 5 Options: none, non-life, non-life captive, non-life run-off, other
3.2 Provide detailed data for actual solvency capital:
All non-life
$ million
Capital 0.000 qualifying ordinary shares qualifying preference shares qualifying credit union securities qualifying reserves retained earnings non-controlling interests Deductions from capital 0.000 goodwill & intangible deferred tax assets related party financial institutions grades 1-3 financial institutions grades 4-5 fair value own credit risk fair value financial limited market defined benefit scheme surplus declared dividends or capital repayment excess deferred acquisition costs branch deduction Actual solvency capital 0.000
3.3 Underwriting risk and run-off risk (non-captive insurers only)
Premium liabilities
Underwriting risk capital charge
Outstanding claim liability
Run-off risk capital charge
$ million $ million $ million $ million
Domestic property
Private motor
Commercial property
Commercial motor
Liability
Marine
Health and personal accident
Travel
Other
Total before the below adjustments 0.000
Premium liabilites adjustment and outstanding claims liability adjustment Underwriting risk capital charge and run-off risk capital charge 0.000 0.000 Total before adjustment as percentage of liability #DIV/0! #DIV/0! Notes

• Report for your licensed New Zealand insurer
• Do not consolidate for subsidiaries and associated companies
• Report in New Zealand dollars to three decimal places (e.g. NZ$ 2,530,050 = 2.530)
  Archived

3.4 Insurance risk (input for captives only)
All non-life
$ million
Underwriting risk capital charge 0.000
Run-off risk capital charge 0.000
Captive retention
Captive reinstatement
Insurance risk capital charge 0.000
3.5 Catastrophe risk (non-captives only)
Catastrophe method please select Options: not applicable, extreme event, two times largest net cost, other Transition applied please select Options: yes, no All non-life $ million Catastrophe reinsurance limit Catastrophe gross loss Catastrophe risk capital charge 0.000 Net loss above reinsurance limit Net loss below reinsurance limit Reinstatement cost
3.6 Asset risk capital charge
Capital charge Asset values Implied resilience capital factor Solvency standard factors $ million $ million percent percent Cash #DIV/0! 0.5% Sovereign debt #DIV/0! 0.5% Bonds AA < 1yr #DIV/0! 1.0% Bonds AA > 1yr #DIV/0! 2.0% Bonds A #DIV/0! 4.0% Premium debt < 6mth #DIV/0! 4.0% Deferred acquisition costs #DIV/0! 5.0% Bonds BBB #DIV/0! 6.0% Bonds councils #DIV/0! 8.0% 3rd party recoveries #DIV/0! 8.0% Bonds other #DIV/0! 15.0% Premium debt 6mth - 1yr #DIV/0! 15.0% CAPTIVE only related party #DIV/0! 15.0% Other contingent liabilities #DIV/0! 20.0% Equity listed #DIV/0! 25.0% Property #DIV/0! 25.0% Equity unlisted #DIV/0! 35.0% Any other assets #DIV/0! 40.0% Assets with full charge #DIV/0! 100.0% Derivatives capital charge #DIV/0! varies Asset risk capital charge (excl concentration) 0.000 0.000 #DIV/0! Asset concentration risk Asset risk capital charge (incl concentration) 0.000
3.7 Foreign currency risk and interest rate
All non-life
$ million
Foreign currency risk capital charge
Interest rate capital charge 0.000
Direction of change please select Options: not applicable, rate increase, rate decrease Asset impact Liability impact Archived

3.8 Reinsurance recovery risk
Capital charge Asset values Implied reinsurance risk capital factor $ million $ million percent Reinsurance of outstanding claims @ 75% POS (90% POS for run-off insurers) #DIV/0! Deferred reinsurance expense #DIV/0! Reinsurance of paid claims #DIV/0! Reinsurance recovery risk capital charge 0.000 0.000 #DIV/0!
3.9 Summary:
All non-life
$ million
Capital 0.000
Deductions from capital 0.000
Actual solvency capital 0.000
Insurance risk capital charge 0.000
Catastrophe risk capital charge 0.000
Asset risk capital charge 0.000
Foreign currency risk capital charge 0.000 Interest rate risk capital charge 0.000 Reinsurance recovery risk capital charge 0.000 Adjustment for minimum zero minimum solvency capital 0.000 Minimum solvency capital 0.000 Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 percent Solvency ratio #DIV/0! Archived

Question 4: Non-life insurance solvency commentary � Please explain the insurance recorded in insurance class "other" in question 3.3. � Please comment on premium liabilites adjustment and outstanding claims liability adjustment. � Please comment on insurance business with long term risk characteristics. � Please state the impact of transition provisions for catastrophe risk (if used). � Please explain how the catastrophe requirement was calculated (return period, catastrophe models used, unmodelled losses). � Please state impacts for both upshock and downshock or other applicable test. � Please explain any material differences between the implied resilience capital factors (question 3.6) and the solvency standard factors. � Please explain the type the assets in the asset class "any other assets" recorded in question 3.3. � Please explain how risk margin @ 75% or 90% probability of sufficiency is allowed for in the reinsurance recovery risk calculation. Please provide any other relevant comments you may have about the information provided in questions 3 and 4. Archived

Question 5: Insurer solvency results
5.1 Capital result
Fixed capital amount ignoring any exemption: 0.000 Exemption to minimum amount of capital: please select Options: none, IPSA regulation 9(1)(b) Fixed capital amount: 0.000 Life Non-life Adjustment for fixed capital amount Total $ million $ million $ million $ million Actual solvency capital 0.000 Minimum solvency capital ignoring fixed capital amount 0.000 adjustment for fixed capital amount 0.000 0.000 Minimum solvency capital 0.000 Capital result Excess Please explain if capital result is in shortfall:
5.2 Solvency result
Life Non-life Adjustment for fixed capital amount Total $ million $ million $ million $ million Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 Solvency ratio (percent) #DIV/0! #DIV/0! #DIV/0! Solvency margin licence condition Solvency ratio licence condition (percent) Solvency result #DIV/0! #DIV/0! #DIV/0! Please explain if any solvency result is in shortfall:
5.3 Solvency result - life funds
Life fund outside statutory fund
<SF 1 label> <SF 2 label> <SF 3 label> <SF 4 label> All life funds $ million $ million $ million $ million $ million $ million Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 Solvency ratio (percent) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Solvency margin licence condition Solvency ratio licence condition (percent) Solvency result #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Please explain if any solvency result is in shortfall:
Notes

• Report for your licensed New Zealand insurer
• Do not consolidate for subsidiaries and associated companies
• Report in New Zealand dollars to three decimal places (e.g. NZ$ 2,530,050 = 2.530)
  Archived

5.4 Capital management
Life Non-life Total
Target method Please select Please select Please select Options: solvency margin $, solvency ratio %, hybrid, other Target type Please select Please select Please select Options: minimum, range, average, ladder, other Target level ($million) Target result Please select Please select Please select Options: above, at, below Please explain any target result is below target:
5.5 List all insurance subsidiaries
Name Type of insurance Country please select please select please select please select please select please select please select please select please select
5.6 Consolidated solvency results (only insurers required to provide consolidated solvency return)
Is a consolidated solvency return required? please select Life Non-life Adjustment for fixed capital amount Total $ million $ million $ million $ million Consolidated actual solvency capital 0.000 Consolidated minimum solvency capital 0.000 0.000 Consolidated solvency margin 0.000 Consolidated solvency ratio (percent) #DIV/0! #DIV/0! #DIV/0! Consolidated solvency margin licence condition Consolidated solvency ratio licence condition (percent) Consolidated solvency result NA Please explain if any consolidated solvency result (including at Life Fund level if applicable) is in shortfall:
Options: life, non-life
Archived

Question 6: Insurer solvency projections
6.1 Provide below your all life funds solvency projections
Actual 2 years ago
Actual 1 year ago Current Projected 1 year Projected 2 years Projected 3 years Projected 4 years Date Please select Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 Solvency ratio (percent) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Solvency margin licence condition 0.000 Solvency ratio licence condition (percent) 0.000 Solvency result #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
6.2 Provide below your all non-life solvency projections
Actual 2 years ago
Actual 1 year ago Current Projected 1 year Projected 2 years Projected 3 years Projected 4 years Date 00-Jan-00 00-Jan-00 Please select 00-Jan-00 Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 Solvency ratio (percent) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Solvency margin licence condition 0.000 Solvency ratio licence condition (percent) 0.000 Solvency result #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
6.3 Provide below your total solvency projections
Actual 2 years ago
Actual 1 year ago Current Projected 1 year Projected 2 years Projected 3 years Projected 4 years Date 00-Jan-00 00-Jan-00 Please select 00-Jan-00 Actual solvency capital 0.000 Minimum solvency capital 0.000 Solvency margin 0.000 Solvency ratio (percent) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Solvency margin licence condition 0.000 Solvency ratio licence condition (percent) 0.000 Solvency result #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
6.4 If any projected solvency results in questions 6.1, 6.2 or 6.3 are in shortfall, please explain:
Notes

• Report for your licensed New Zealand insurer
• Do not consolidate for subsidiaries and associated companies
• Report in New Zealand dollars to three decimal places (e.g. NZ$ 2,530,050 = 2.530)
  Archived

Question 7: Insurer solvency commentary
� If more than 1 solvency standard applies please explain how assets & liabilities have been apportioned. Including the treatment of composite policies. � Please describe how materiality and approximations have been applied in the solvency calculations. � Please describe how tax has been allowed for, including tax on wind-up for deductions from capital. � Please comment on any balance sheet capital that is excluded or has adjusted value for solvency. � Please comment on treatment of derivatives, guarantees, contingent liabilities, charges over assets. � Please comment on treatment of related party assets and the asset class of any other asset. � Please comment on any concentration risk charges. � Please explain any offset of reinsurance assets against liabilities. � Please describe any material concentrations of reinsurer exposures. � Briefly describe the basis of the projected solvency positions. � Please explain how continuous section 24 tests are satisfied given solvency is projected to discrete future times. � Please explain how the capital management target is set. � Please give a brief comment how the continuous requirement to maintain solvency margin is monitored. � Please explain the capital management target. Please provide any other relevant comments you may have about the information provided in questions 5, 6 and 7. Archived

Question 8: Insurer solvency reconciliation
8.1 Reconciliation of key figures used in solvency calculations with the corresponding figures in this solvency return
Life Non-life Total
$ million $ million $ million $ million $ million Capital 0.000 Total assets 0.000 deductions from capital N/A 0.000 N/A CEP risk asset value N/A 0.000 N/A 0.000 N/A asset risk asset value N/A N/A 0.000 0.000 N/A reinsurance recovery risk asset value N/A 0.000 N/A Net policy liabilities 0.000 N/A 0.000 0.000 Net premium liabilities 0.000 Net outstanding claim liabilities 0.000 Please explain any difference not equal to zero. Notes

• Figures that were used in the solvency calculations should match the financial statements, group financial statements or alternative financial information
  (whichever is applicable) that is required to be provided along with the solvency return.
• Report for your licensed New Zealand insurer
• Do not consolidate for subsidiaries and associated companies
• Report in New Zealand dollars to three decimal places (e.g. NZ$ 2,530,050 = 2.530)
  Used in the solvency calculations
  From solvency return Difference
  Archived

Difference
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Summary validation (to be completed)
The section summarises all of the validation checks that have appeared throughout the return. Use this to check that the data provided is consistent. If any cells are highlighted red below please check the associated tables before submitting the data. Archived

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Options: performed, reviewed, neither performed nor reviewed Options: an audit, a review, no audit or review Please click and select Accounting standards and methods and liability valuation If the information in this return is not presented using NZ IFRS (NZ version of International Financial Reporting Standards) or NZ GAAP (NZ generally accepted accounting practices) then please provide an explanation of the method used. If the method of valuation of insurance provisions in the financial statements or accounts is inconsistent with both life insurance accounting methods and general insurance accounting methods then please provide an explanation of the method used. The appointed actuary for this insurer has Please click and select The auditor for this insurer has performed Name:
Date:
Email:
Auditor statement
Contacts the solvency calculations reported in this return.
Date:
Audit firm:
of the solvency calculations reported in this return.
Comments and Sign-off
Please provide the names and details of contacts as specified below:
Primary contact for Reserve Bank Secondary contact Phone:
Actuary statement
Archived

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6 CEO Sign-off
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Name:

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Time taken
Please record how long it took you (and any other employees) to read the instructions, collect the information and answer this questionnaire. I confirm that, to the best of my knowledge and having made appropriate enquiries, the information in this solvency return complies with the applicable solvency standards and all instructions of the Reserve Bank, is complete and consistent with the records of the insurer. Submitting the form Supporting working files or other materials can also be submitted using the secure upload facility. The 'Secure Upload Facility' can be accessed here: https://sup.rbnz.govt.nz/ The Reserve Bank 'Secure Upload Facility' allows you to securely lodge this form with the Reserve Bank. You will require a username and password. If you have not received these please telephone our Reserve Bank contact. Date:
Archived