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 30 June 2023.
| $000's |
Life (Statutory fund) |
Non-life |
Total |
| Audited 30 June 2023 |
|
| Actual Solvency Capital |
119 |
6,214 |
6,333 |
| Minimum Solvency Capital* |
94 |
4,906 |
5,000 |
| Solvency Margin |
25 |
1,308 |
1,333 |
| Solvency Ratio |
127% |
127% |
127% |
* An aggregate minimum of $5m applies to all companies writing life insurance.
