Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Fit and Proper Policy Guidelines for Licensed Insurers
The Reserve Bank of New Zealand issues these guidelines to mandate that licensed insurers establish and maintain a fit and proper policy for their directors and relevant officers. The document outlines specific criteria for assessing fitness and propriety, including criminal history, qualifications, and conflicts of interest, while requiring reassessments at least every three years. It further details procedural obligations such as submitting fit and proper certificates within 20 working days of appointment and defines the Reserve Bank's powers regarding exemptions for overseas jurisdictions and the removal of unfit personnel.
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