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166 The New India Assurance Company Limited New Zealand Branch Appointed Actuary Report Summary For the year ended 31 March 2016 To the Shareholders of The New India Assurance Company Limited New Zealand Branch. The Board of The New India Assurance Company Limited New Zealand Branch (Company) has appointed me to act as the Appointed Actuary to the Company. As part of this role, I have been asked to provide this Appointed Actuary Report Summary The Insurance (Prudential Supervision) Act 2010 (Act) Section 77 requires licensed insurers to provide a review by the licensed insurer s Appointed Actuary in respect of the actuarial information contained in the financial statements. Section 77 (4)(c) allows the Reserve Bank of New Zealand (Bank) to specify, within a solvency standard, information which it considers to be actuarial information for the purpose of this Report. However, the Reserve Bank of New Zealand has exempted the Company from compliance with the Solvency Standards for Non-life Insurance Business issued under Section 55 of the Act. This exemption is granted subject to some conditions including the review by the Appointed Actuary of the following specified information relating to the insurance business carried on in New Zealand: a) the unearned premium liability and the liability adequacy test; b) the Net Outstanding Claims Liability; c) the reinsurance and any other recovery asset(s); d) any deferred acquisition cost or deferred fee revenue; and e) any other information deemed by the Appointed Actuary to warrant actuarial review for the purpose of profit or solvency reporting. I have either calculated or reviewed the above specified information based on audited financial statements prepared by the Company as at that date and data in respect of policies in force and claims payments made and provisioned for by the Company. I am reliant on the accuracy of the information provided by the Company. However, I have undertaken a number of independent checks on the data. In my opinion and from an actuarial perspective, the actuarial information contained in the financial statements has been appropriately included and used in those statements. I have not encountered any material limitations during the compilation of the Appointed Actuary Report. There are no areas of conflict of interest for me in preparing the Report or this Summary. This Summary is intended only to provide an overview of the Appointed Actuary Report and does not substitute for a detailed review of the Report in full. Marcelo Lardies BSc (Hons) Fellow of the New Zealand Society of Actuaries 28 July 2016 Auckland, New Zealand PO Box 3167 Shortland St Auckland 1140 t m f aonhewitt.com
167 The New India Assurance Company Limited Section 78 Report For the year ended 31 March 2016 To the Shareholders of The New India Assurance Company Limited (Company). The Insurance (Prudential Supervision) Act 2010 (Act) (IPSA 2010) Section 77 requires licensed insurers to provide a review by the licensed insurer s Appointed Actuary in respect of the actuarial information contained in any financial statements required to be filled by the Company in New Zealand. The Board of The New India Assurance Company Limited (Company) has appointed me to act as the Appointed Actuary to the New Zealand Branch. As part of this role, I have been asked to provide this Report in respect of The New India Assurance Company Limited. I have received confirmation that the Appointed Actuary of the Company has complied with the provisions of the Insurance Regulatory and Development Authority of India (IRDA) (Actuarial Report and Abstract) Regulations 2000, the guidelines on estimation of IBNR Claims Provision for General Insurance Business issued by IRDA dated 8 June 2005 and 22 May 2008 and the applicable Guidance Notes and Actuarial Practice Standards issued by the Institute of Actuaries of India. I am reliant on the information provided by the Appointed Actuary of the Company described above. I have no relationship (other than Appointed Actuary to the New Zealand Branch) with, or any interests in the Company or any of its subsidiaries. I have received all information and explanations that I have required from the Company. There are no areas of conflict of interest for me in preparing this Report. Marcelo Lardies BSc (Hons) Fellow of the New Zealand Society of Actuaries 28 July 2016 Auckland, New Zealand PO Box 3167 Shortland St Auckland 1140 t m f aonhewitt.com
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