Regulatory Alerts2015-06-30
Reserve Bank of New Zealand Insurance Industry Update July 2015
The Reserve Bank of New Zealand has implemented a risk-based supervisory framework that divides licensed insurers into designated and portfolio-managed groups to tailor oversight intensity. The update details required licence amendments for solvency standards and reporting timeframes, alongside new procedures for obtaining approval for material changes to risk management programmes. Additionally, insurers are reminded of approval requirements for non-resident executives and appointed actuaries, while progress on finalizing insurer data collection returns is reported.
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