HISTORY
Insurance and General Insurance Company (I&G) was formed in 1974. It is wholly owned by CEAS and its directors are appointed by the CEAS Board. Current Board members are:
Jim Dobbie Current Chairperson
Peter Fitchett Director, Former Chairperson
Terry Kayes Director
Gary Smith Director
I&G was formed to share the insurance risk with other insurance partners, to provide greater control over the way in which member claims are managed and resolved.
FINANCIAL STRENGTH RATING
In accordance with the Insurance (Prudential Supervision) Act 2010, Indemnity & General Insurance Company Limited is not required to have a financial strength rating as it has elected to be exempted as a small insurer .
SOLVENCY STANDARD
The Reserve Bank of New Zealand requires all licensed insurance companies in New Zealand to meet the Solvency Standard as specified by the Bank. The Solvency Standard sets out the minimum amount of capital an insurance company is required to hold to meet its long-term liabilities, including policyholder claims, under adverse conditions.
SOLVENCY MARGIN
The Indemnity & General Insurance Company Limited is a licenced insurer under the Insurance (Prudential Supervision) Act 2010. As at 30 September 2017 the solvency margin was:
| 2017 | 2016 |
Actual solvency capital | $11,933,000 | $11,094,000 |
Minimum solvency capital | $3,770,000 | $3,471,000 |
Solvency margin | $8,163,000 | $7,623,000 |
Solvency ratio | 317% | 320% |
The Indemnity & General Insurance Company Limited is required to maintain a solvency ratio in excess of 100%.
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