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
Financial advice service 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 licensed insurers, both Southern Cross Medical Care Society (the “Society”) and Southern Cross Pet Insurance Limited, a 100% owned subsidiary of the Society, are 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.

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.



31 December 2020



Consolidated insurance group


Solvency capital



Minimum solvency capital



Solvency margin



Solvency ratio




The Society has complied with RBNZ imposed capital requirements for the six months ended 31 December 2020 (30 June 2020: In compliance). 

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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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Financial advice service - disclosure statement

The information in this disclosure statement is important. It is intended to help you to find a financial advice provider that meets your needs.

Southern Cross Medical Care Society (“Southern Cross”, “we” or “our”) (trading as Southern Cross Health Society) is a licensed insurer and holds a licence issued by the Financial Markets Authority (FMA) to provide a financial advice service as a Financial Advice Provider (FAP). You can check our financial services registration at

Limitations on the nature and scope of financial advice service

The financial advice service we provide is only about insurance products offered by Southern Cross and does not cover financial products issued by other providers.

Any financial advice provided by our nominated representatives will be limited to recommending Southern Cross products or plans (or changes to your current Southern Cross plan), taking into account any relevant information you provide to us, including about your particular health insurance needs, financial situation and goals.

For employer groups (sometimes called ‘work schemes’ or ‘group schemes’), we’ll also take into account any relevant information provided to us about the employees to be covered under the group plan.

This service is intended to help you decide what type of Southern Cross product may best suit your needs. Our nominated representatives do not provide recommendations on insurance or other financial products issued by other providers.

No fees

Southern Cross does not charge fees, expenses or any other amount for financial advice provided by our nominated representatives about Southern Cross insurance products.

Conflicts of interest

Our nominated representatives sell Southern Cross insurance and related products to new members and provide services to our existing members.

In all their dealings with our customers, our nominated representatives are required to act in an ethical and transparent way and comply with our internal conflicts of interest policy. This includes the requirement for a nominated representative to raise any actual, perceived or potential conflict of interest with their manager or other senior staff member so that it can be resolved appropriately.

The objectives of our conflicts of interest policy are consistent with our statutory duties to you (referred to below) when providing financial advice about our insurance products.

Complaints process and disputes resolution scheme

If you’re dissatisfied with the financial advice service provided by or on behalf of Southern Cross, you can raise your concern directly with any of our nominated representatives, or by:

  • calling us on 0800 800 181
  • using our online complaints form
  • writing to us at: Complaints at Southern Cross, Southern Cross Health Society, Private Bag 99934, Newmarket, Auckland 1149.

We’ll acknowledge receipt of your complaint within two working days of the date we receive it (or if it is not practicable to do so, as soon as practicable after that time). We’ll aim to resolve your concerns in a timely manner and we’ll keep you informed of our progress.

So that we can best address your complaint, we may refer your complaint to different teams within Southern Cross. We will respond to you with the outcome of our investigation in a timely, fair and transparent way.

If you’re unhappy with our response, you can request that your complaint be reviewed by the Chief Operating Officer of Southern Cross. The Chief Operating Officer will review and make a final determination in respect of your complaint, which will be communicated to you as soon as possible.

Still not satisfied?

We belong to the Insurance & Financial Services Ombudsman’s approved dispute resolution scheme (IFSO). The IFSO Scheme is a free and independent dispute resolution service available to consumers that may help investigate or resolve complaints if they’re not resolved through our internal complaints process.

If your complaint has been fully investigated by us and you’re still not satisfied with the outcome, you can refer your complaint to IFSO for review.

You can contact the IFSO Scheme on 0800 888 202, email at or at Alternatively, you can write to: Insurance and Financial Services Ombudsman, PO BOX 10 845, Wellington 6143.

Our duties

Southern Cross and our nominated representatives are bound by the duties set out in the Financial Markets Conduct Act 2013 to:

  • give priority to the customer’s interests (by taking reasonable steps to ensure that any financial advice provided about Southern Cross’ insurance products is not materially influenced by the own interests of the relevant nominated representative or Southern Cross)
  • exercise care, diligence and skill in relation to the provision of financial advice services; and
  • meet the standards of ethical behaviour, conduct, client care and competence, knowledge and skill set out in the Code of Professional Conduct for Financial Advice Services (the Code of Conduct). These standards are designed to make sure we treat you as we should and give you suitable advice. The Code of Conduct standards can be read here:

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Privacy statement and cookies policy

Privacy of information relating to our members is governed by the Privacy Act 2020 and (in relation to health information) by the Health Information Privacy Code 2020. 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. Southern Cross is a licensed insurer and a licensed financial advice provider. For financial advice on Southern Cross products call 0800 100 777, or if your employer has a work scheme call 0800 438 268. For more information and a copy, please see our public disclosure statement above.

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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