Regulatory Alerts2022-05-17
Solvency Standard for Life Insurance Business 2014
The Prudential Supervision Department of the Reserve Bank of New Zealand issued this standard to establish the solvency margin requirements for licensed insurers carrying on life insurance business. It mandates the calculation of Actual and Minimum Solvency Capital, including specific charges for insurance, catastrophe, and asset risks, while requiring a Fixed Capital Amount of five million New Zealand dollars. The document further outlines reporting obligations for insurers and appointed actuaries, including the submission of annual solvency returns and financial condition reports to ensure compliance with the Insurance (Prudential Supervision) Act 2010.
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