As a requirement of section 65 of the Insurance (Prudential Supervision) Act 2010, VPIS is required to disclose to policyholders when entering into a contract or renewing a contract of insurance that VPIS is not required to have a current financial strength rating. This is because VPIS is included in a class of insurers that is exempt under section 238(1)(1)(ii) of the Insurance (Prudential Supervision) Act 2010.
RBNZ Solvency Disclosure
Under section 4.5 of the Solvency Standard for Non-Life Insurance business, issued by the Reserve Bank of New Zealand under section 55 of the Insurance (Prudential Supervision) Act 2010, VPIS is required to disclose certain information regarding its solvency position.
|As at 30 September 2019||As at March 2020|
|VPIS's Actual Solvency Capital||$2.66m||$2.549m|
|VPIS's Minimum Solvency Capital||$0.708m||$0.759m|
|VPIS's Solvency Margin||$1.951m||$1.790m|
|VPIS's Solvency Ratio||376%||336%|