Regulatory Alerts2022-05-17
Conditions of Licence and Licensing Policies for Licensed Insurers
The Reserve Bank of New Zealand issues this operational policy to define the criteria and procedures for licensing insurers and imposing prudential supervision under the Insurance (Prudential Supervision) Act 2010. The document mandates that applicants demonstrate financial strength, prudent business practices, and adequate risk management to ensure the soundness of the insurance sector and protect policyholders. It further details specific entitlement requirements, including solvency margins, capital adequacy, and governance standards, while outlining the Reserve Bank's powers to modify licence conditions and manage insurer distress.
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