❓ Hon Ken Travers asks about a special dividend paid by the Insurance Commission of WA to the consolidated account, its impact on the third party insurance fund's solvency, and the Treasurer's confidence in meeting solvency targets. The Minister provides details of the dividend payment, solvency level, probability of sufficiency, and confirms confidence in meeting the target.
AnsweredQoN 96Legislative Council
QuestionView source ↗
INSURANCE COMMISSION OF WA — SPECIAL
DIVIDEND
96. Hon KEN TRAVERS to the minister
representing the Treasurer:
(1) Has the
Insurance Commission of WA paid the special dividend of $93 million to the
consolidated account?
(2) If yes —
(a) on what date was it paid; and
(b) what was the
solvency level of the third party insurance fund immediately after the payment
was made?
(3) If no to (1), when is it
expected the payment will be made?
(4) What probability of sufficiency
is used for the target solvency level of 135.5 for the TPIF?
(5) Is the
Treasurer confident that ICWA will meet its target TPIF solvency level for the
2015–16 financial year?
DIVIDEND
96. Hon KEN TRAVERS to the minister
representing the Treasurer:
(1) Has the
Insurance Commission of WA paid the special dividend of $93 million to the
consolidated account?
(2) If yes —
(a) on what date was it paid; and
(b) what was the
solvency level of the third party insurance fund immediately after the payment
was made?
(3) If no to (1), when is it
expected the payment will be made?
(4) What probability of sufficiency
is used for the target solvency level of 135.5 for the TPIF?
(5) Is the
Treasurer confident that ICWA will meet its target TPIF solvency level for the
2015–16 financial year?
AnswerView source ↗
I thank the member for some notice
of this question.
(1) The Insurance Commission paid a special
dividend of $90 million.
(2) (a) It was 30 December 2015.
(b) The solvency
level of the third party insurance fund at 31 December 2015 was 139.9 per cent.
(3) Not applicable.
(4) The probability of sufficiency
used is 75 per cent.
(5) Yes. The
budgeted TPIF solvency level for 2015–16 is 140.6 per cent, which is
above the 135 per cent long-term target solvency level.
of this question.
(1) The Insurance Commission paid a special
dividend of $90 million.
(2) (a) It was 30 December 2015.
(b) The solvency
level of the third party insurance fund at 31 December 2015 was 139.9 per cent.
(3) Not applicable.
(4) The probability of sufficiency
used is 75 per cent.
(5) Yes. The
budgeted TPIF solvency level for 2015–16 is 140.6 per cent, which is
above the 135 per cent long-term target solvency level.
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