Brightsideco Insurance Limited's Financial Strength

COVID-19 & PRODUCT CARE CLAIMS UPDATE

Dear valued customer,

The current Coronavirus COVID-19 is having an unprecedented impact on our economy and personal lives. Your safety and that of our employees and partners is paramount. However, please be assured that we have appropriate measures in place to ensure we can continue to service you as efficiently as possible under the present circumstances.

Due to safety measures adopted by government and business partners, we may encounter unavoidable delays due to shortage of manpower or available spare parts. We apologise that in circumstances where our customers are unwell, we may not be able to service you until a later date.

Product Care Team.

Insurance (Prudential Supervision) Act 2010

Brightsideco Insurance Limited is exempt from the requirement to have a current Financial Strength Rating under s60(2A) of the Insurance Prudential Supervision Act 2010.

Solvency Disclosures

Brightsideco Insurance’s solvency was disclosed in its last financial statements as at 31 December 2022:

	$NZD '000
Actual Solvency Capital	9,274
Minimum Solvency Capital	2,852
Minimum Capital Requirement	3,000
Solvency Margin	6,274
Solvency Ratio	309%

These disclosures apply equally to its Aggregate requirements.

Brightsideco Insurance’s business has been put into run-off from 24 August 2022. Effective 24 February 2023, Brightsideco’s solvency margin condition is subject to the Solvency Standard for Non-life Insurance Business in Run-off 2014 in accordance with the modified licence conditions issued by the Reserve Bank of New Zealand.

Provided by PCASA Operations Pty Ltd