Regulatory Alerts2022-05-17
AMP Life Limited Exemption Attachment to Section 59 and Section 119
The Reserve Bank of New Zealand issued this exemption attachment to impose specific solvency reporting and prudential conditions on AMP Life Limited as an overseas insurer. The document mandates annual and half-yearly solvency disclosures, Financial Condition Reports by appointed actuaries, and strict governance requirements including the establishment of a New Zealand Policyholder Advisory Committee. It further requires independent actuarial advice on policyholder equity, profit allocation, and significant business changes to ensure the protection of New Zealand policyholder interests.
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