Regulatory Alerts2023-04-03
Insurance Risk Management Programme Material Changes Approval Request
The Reserve Bank of New Zealand requires licensed insurers to submit a formal approval request before implementing material amendments to their mandatory Risk Management Programmes under the Insurance (Prudential Supervision) Act 2010. The document outlines a standardized submission template that mandates track-changed and clean policy versions alongside a detailed compliance report. Insurers must explicitly demonstrate how proposed revisions maintain legislative alignment across insurance, credit, liquidity, market, and operational risks while satisfying supervisory guidelines on risk tolerance and capital management.
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