Regulatory Alerts2022-05-17
Solvency Standard for Non-life Insurance Business 2014
The Reserve Bank of New Zealand issued this standard under the Insurance (Prudential Supervision) Act 2010 to regulate the solvency of licensed non-life insurers. It mandates the maintenance of a minimum solvency margin calculated by comparing actual solvency capital against capital charges for insurance, catastrophe, asset, and counterparty risks. The document establishes strict reporting obligations for insurers and appointed actuaries, including the submission of annual solvency returns and financial condition reports to ensure prudential compliance.
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