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Health insurers meet solvency standard
June 25, 2008
MEDIA RELEASE – FOR IMMEDIATE
USE
Health insurers meet solvency standard
Health insurers today published details of their solvency positions under the Solvency Standard adopted last year.
Health Funds Association of New Zealand (HFANZ) executive director Roger Styles said today the standard, developed in consultation with the New Zealand Society of Actuaries, aimed to provide consumer information on solvency as part of a wider set of industry self-regulatory initiatives. It required insurers to maintain sufficient reserves to meet future claims. A transitional period applied.
Mr Styles said all member companies met the transitional standard, with solvency coverage ranging from 106 percent to 434 percent.
The standard was developed by the industry prior to the Government announcing the shape of its Regulatory Review. It is expected that the Reserve Bank will take over the operation of the solvency standard in the future.
ENDS.
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