For insurance policies taken out before 23 January 2020, please see the details below.
MARAC Insurance Limited is exempt from the requirement to have a current Financial Strength Rating under s60(2A) of the Insurance Prudential Supervision Act 2010.
The Insurance (Prudential Supervision) Act 2010 requires life insurers such as MARAC Insurance Limited to hold a minimum amount of capital. Having a solvency margin above zero means an insurer holds more than the minimum amount of capital. The following table shows a breakdown of MARAC Insurance Limited’s solvency margins as at 31 December 2021.
| $000's |
Life (Statutory fund) |
Non-life |
Total |
| Unaudited 31 December 2021 |
|
| Actual Solvency Capital |
1,206 |
4,552 |
5,758 |
| Minimum Solvency Capital* |
1,047 |
3,953 |
5,000 |
| Solvency Margin |
159 |
599 |
758 |
| Solvency Ratio |
115% |
115% |
115% |
* An aggregate minimum of $5m applies to all companies writing life insurance.
