North and Sunderland Marine are each principally regulated by the UK Prudential Regulation Authority. Sunderland Marine’s business in Australia and New Zealand is underwritten by North under the Sunderland Marine brand. North is a licensed overseas insurer in each of these jurisdictions.
Sunderland Marine’s business in the EEA is underwritten by North of England P&I Designated Activity Company, a wholly owned subsidiary of North incorporated in Ireland and regulated by the Central Bank of Ireland.
US Foreign Account Tax Compliance Act (FATCA)
FATCA is designed to increase transparency for the US tax authorities in relation to US persons earning income through non-US institutions. FATCA imposes withholding tax obligations where required reporting obligations are not met. To support FATCA compliance, our FATCA Form can be downloaded here.
Solvency II Pillar 3 Reporting Requirements
The Solvency II Pillar 3 regulatory reporting requirements came into force on 1 January 2016. Firms must produce two key reports:
i) the Solvency and Financial Condition Report (SFCR) – UK firms are required to disclose this report publicly and to report it to the Prudential Regulatory Authority (PRA) on an annual basis. The SFCR includes both qualitative and quantitative information; and
ii) the Regulatory Supervisory Report (RSR) – This is a private report to the supervisor and is not disclosed publicly. UK firms submit this report to the PRA in full at least every three years and in summary every year. The RSR includes both qualitative and quantitative information.
In addition firms must comply by the Rules set out in Policy Statement 2/15 in relation to submitting national specific templates.
Pursuant to the above requirements and specifically to Art. 51 Solvency II Directive 2009/138/EC North of England P&I Association Limited (“North”), the parent company of Sunderland Marine, publishes SFCRs for North Group and for North and Sunderland Marine Insurance Company Limited (“SMI”) which are North Group’s Solvency II regulated legal entities (solo reports). The SFCRs have been prepared in accordance with the financial reporting provisions of the PRA rules and Solvency II regulations.
Sunderland Marine Insurance Company Limited (SMI) has produced a Solvency and Financial Condition Report (SFCR) as at 20th August 2018 as required by the UK Prudential Regulation Authority. Section E of the SFCR discloses the solvency figures for SMI. The actual solvency capital is NZ$115.3m. The minimum solvency capital requirement is calculated using a risk based approach as NZ$55.5m. The solvency margin, being actual solvency capital in excess of the minimum solvency capital requirement, is NZ$59.8m and the solvency ratio is 208%.