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.