GMHBA AnnuAL RepoRt 2010 - GMHBA Health Insurance

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GMHBA Limited ABN 98 004 417 092 GMHBA Limited ABN 98 004 417 092 Notes to the Financial Statements for the year ended 30 June 2010 (continued) 18. Capital Management (continued) The company manages its capital to ensure it will be able to continue as a going concern and protect member funds. Capital reserves have increased as follows: $ % Year ‘000 Increase 2008 83,052 1.28% 2009 91,222 9.84% 2010 97,072 6.41% The company is subject to externally imposed capital requirements under the Private Health Insurance Act 2007 and aims to maintain capital reserves at a sufficient level to meet Board policy reserving at 10% of total assets above the statutory capital adequacy requirement. The company Capital Adequacy Reserve requirement, as per the Private Health Insurance (Health Benefits Fund Administration) Rules 2007, is $26.239 million. Total Health Benefits Fund Assets are $164.752 million, representing a surplus of $70.833 million over the Capital Adequacy Reserve and total Health Benefit Fund Liabilities ($67.680 million). The surplus represents 370% above the statutory requirement. Solvency requirement GMHBA’s Solvency Reserve, as per the Private Health Insurance (Health Benefits Fund Administration) Rules 2007, is $15.797 million. Total Health Benefits Fund Assets are $164.752 million, representing a surplus of $81.275 million over the Solvency Reserve and total Health Benefit Fund Liabilities ($67.680 million). 19. Company information GMHBA Limited is a public company limited by guarantee. If the Company is wound up, the constitution states that each Company member is required to contribute a maximum of $20 towards meeting any outstanding obligations of the Company. At 30 June 2010 the number of Company members was 8 (2009: 7). 50 50
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Page 1 and 2: 1 GMHBA AnnuAL RepoRt 2010
Page 3 and 4: Contents GMHBA Performance Snapshot
Page 5 and 6: Source: GMHBA/PHIAC data as at 30 J
Page 7 and 8: I am pleased to report that in a ch
Page 9 and 10: professor John C. Catford James e.
Page 11 and 12: MARK VALenA - CHieF eXeCutiVe Mark
Page 13 and 14: CoMMunity ConneCteD to Develop mutu
Page 15 and 16: suCCess tHRouGH innoVAtion to innov
Page 17 and 18: GMHBA Limited ABN 98 004 417 092 Fi
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GMHBA AnnuAL RepoRt 2010 - GMHBA Health Insurance

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