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 disclosure
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 the 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 2021



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 2021 (30 June 2021: 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 disclosure

This is important information to help you decide whether to get financial advice from Southern Cross.

Southern Cross Medical Care Society holds a licence issued by the Financial Markets Authority to provide a financial advice service. You can check our financial services registration at

Limitations on the nature and scope of our financial advice service

Our financial advice service is intended to help you decide which Southern Cross product may best suit your needs.

Only those of our employees who have been appropriately trained and nominated by us are able to provide financial advice (these are our “nominated representatives”). Their advice is limited to recommending Southern Cross health insurance products or plans (or changes to your current plan). They cannot advise you on products offered by other providers.

We recommend that you consult an independent adviser if you need advice on how to choose from a range of different providers’ products.

No fees

Our financial advice service is provided free of charge.

Conflicts of interest and prioritising your interests

Our nominated representatives are required to act in an ethical and transparent way. To ensure they prioritise your interests, before giving advice on any of our products they will ask about your particular health insurance needs, financial situation and goals. Any recommendations they make will take account of relevant information that you provide. For employer groups, this includes relevant information about the group of employees that would be covered under an employer group plan.

We provide ongoing training to our nominated representatives and undertake regular checks to ensure that the financial advice they provide is appropriate and meets our legal obligations.

Our nominated representatives are also required to comply with our conflicts of interest policy. This includes a requirement 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.

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 transparent and timely manner and we’ll keep you informed of our progress.

If you’re unhappy with our response, you can request that your complaint be reviewed by our Chief Operating Officer. 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?

If your complaint has been fully investigated by us and you’re not satisfied with the outcome, you can refer your complaint to the Insurance & Financial Services Ombudsman (IFSO) for review.

The IFSO Scheme is a free and independent service designed to help resolve disputes between financial service providers and their customers. You can contact IFSO:

Our duties

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

  • give priority to your interests (by taking reasonable steps to ensure that our financial advice is not materially influenced by our own interests)
  • exercise care, diligence and skill in providing advice to you; 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. 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. See our full privacy statement.

Cookies are used on the Southern Cross web site in a range of ways to improve your user experience. See 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 financial advice disclosure 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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