Financial Strength, Solvency & Legal

We are required by law to make specific information available to customers and potential customers. This page brings these important legal disclosures together in one place for your ease of access.

Financial strength
Solvency disclosures
Additional financial information
Qualifying financial entity (QFE) disclosure statement
Privacy statement and cookies policy
Other legal information

Financial strength

Southern Cross Medical Care Society (trading as Southern Cross Health Society) has an A+ (Strong) financial strength rating given by Standard & Poor’s (Australia) Pty Limited.

The rating scale is:

AAA (Extremely Strong) AA (Very Strong) A (Strong)
BBB (Good) BB (Marginal) B (Weak)
CCC (Very Weak) CC (Extremely Weak) SD or D (Selective Default or Default)
R (Regulatory Action) NR (Not Rated)
Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Full details of the rating scale are available at Standard & Poor’s is an approved rating agency under the Insurance (Prudential Supervision) Act 2010.

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Solvency disclosures

As a licensed insurer, The Southern Cross Medical Care Society (the “Society”) is required by the Solvency Standard for Non-life Insurance Business ("the Solvency Standard") issued by the Reserve Bank of New Zealand (“RBNZ”), to retain a positive solvency margin, meaning that the actual solvency capital position exceeds the minimum required under the Solvency Standard.

During the year Southern Cross Pet Insurance Limited (“SCPIL”), a 100% owned subsidiary of the Society, purchased the assets and liabilities relating to the pet insurance business from Southern Cross Benefits Limited and Southern Cross Insurance Services Limited. SCPIL was granted an insurance licence on 30 January 2020 and is a licenced insurer under the Insurance (Prudential Supervision) Act 2010. 

As the Society is a licenced insurer with a licenced insurer subsidiary, these two insurer entities must be consolidated in order to calculate and report the consolidated insurance group solvency. 

The following solvency information for both the Society and the consolidated insurance group is required to be disclosed in compliance with the Solvency Standard as issued by the RBNZ.



30 June 2020



Consolidated insurance group


Solvency capital



Minimum solvency capital



Solvency margin




Solvency ratio






The Society complied with RBNZ imposed capital requirements for the year ended 30 June 2020. 

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Additional financial information

Our financial position is disclosed in our annual report and financial statements, along with the independent auditor and appointed actuary’s reports. Click here for the latest Southern Cross annual report.

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Qualifying financial entity (QFE) disclosure statement

The information provided in this disclosure statement is important

Southern Cross Medical Care Society (trading as Southern Cross Health Society) is a “Qualifying Financial Entity” (QFE). We are responsible for ensuring that our QFE advisers exercise due care, diligence and skill when providing financial advice on insurance and related products and services. We are licensed and regulated by the Financial Markets Authority for that financial advice.

You can check our QFE status on the register at For information on financial advisers, or to report information about us or our advisers, you can contact the Financial Markets Authority on 0800 434 567 or at PO Box 1179, Wellington 6140.

The information provided in this disclosure statement is important and should help you decide which financial adviser to choose.

Providing financial advice

Our QFE advisers can provide personalised advice about our insurance and related products. However, our advisers do not have access to, or assess in detail, your particular financial situation or goals. Any financial advice provided by our advisers will be based primarily on their knowledge of those insurance and related products and services. However, when providing financial advice, we may take into account any relevant financial information you give us.

Complaints process

If you have a complaint about us you can contact us here or write to us at Member Services, Southern Cross Medical Care Society, Private Bag 99934, Newmarket, Auckland 1149. We will investigate and reply to your complaint as soon as we can. If you are unhappy with the response from Member Services, write to our Head of Member Services at the address above detailing the reasons you remain unhappy.

We are also a member of the Insurance and Financial Services Ombudsman’s approved dispute resolution scheme. You can contact the Insurance and financial Services Ombudsman on 0800 888 202, at PO Box 10 845, Wellington 6143, or email

This statement was prepared on 25 November 2020.

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Privacy statement and cookies policy

Privacy of information relating to our members is governed by the Privacy Act and (in relation to health information) by the Health Information Privacy Code. Click here for our full privacy statement.

Cookies are used on the Southern Cross web site in a range of ways to improve your user experience. Click here for our Cookies policy.

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Other legal information

Southern Cross Medical Care Society (trading as Southern Cross Health Society) is a friendly society operated for the benefit of members since 1961. We are registered under the Friendly Societies and Credit Unions Act 1982.

Registered office: Level 1, Te Kupenga, 155 Fanshawe Street, Auckland City 1010.
Postal address: Private Bag 99934, Newmarket, Auckland 1149
Contact: Contact us


We are a part of the Southern Cross Healthcare Group, which includes separate and independent hospital and travel insurance businesses.
Find out more about the Group and its structure here.

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