Special Payments
Going Concern Basis
No special payments are required.
Solvency Basis
In accordance with the Act and regulations, the solvency excess (deficiency) is defined as the amount by which the adjusted solvency asset amount exceeds (is below) the solvency liabilities. For this purpose, the adjusted solvency asset amount is determined by multiplying the average solvency ratio by the amount of the solvency liabilities. The average solvency ratio, adjusted solvency asset amount and solvency excess (deficiency) are determined as follows:
Determination of Average Solvency Ratio
| 31.12.2017 | 31.12.2018 | 31.12.2019 | |
|---|---|---|---|
| Solvency assets | |||
| Market value of assets | $33,892,000 | $32,901,000 | $34,778,000 |
| Termination expense provision | ($200,000) | ($200,000) | ($200,000) |
| Solvency assets (A) | $33,692,000 | $32,701,000 | $34,578,000 |
| Present value of special payments made (contribution holiday) (B) | $210,000 | $0 | $0 |
| Letter of credit (C) | $4,890,000 | $4,890,000 | $4,890,000 |
| Solvency assets adjusted for special payments (contribution holiday) and letter of credit (D = A + B + C) | $38,792,000 | $37,591,000 | $39,468,000 |
| Solvency liabilities (E) | $38,668,000 | $36,875,000 | $37,466,000 |
| Adjusted solvency ratio (D / E) | 100.32% | 101.94% | 105.34% |
| Average solvency ratio (F) | 102.5% |