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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                    

Ian Johnson      Director                           

Gary Smith        Director            

Peter Fitchett    Adviser                                       

 

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.

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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 licensed insurer under the Insurance (Prudential Supervision) Act 2010. As at 31 March 2021 the solvency margin was:

  30th  Sept 2020 31st  March 2021
Actual Solvency Capital   $13,925,000.00  $15,057,000.00
Minimum Solvency Capital  $  4,691,000.00  $  5,190,000.00
Solvency Margin $   9,234,000.00  $  9,867,000.00
Solvency Ratio  2.97%  2.90%