Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Statutory Fund Guidelines for Licensed Insurers
The Reserve Bank of New Zealand issued these guidelines to clarify statutory fund requirements under the Insurance (Prudential Supervision) Regulations 2010 for licensed life insurers. The document mandates that insurers establish statutory funds, provide written notice with five-year business projections, and transfer sufficient assets to maintain solvency margins upon establishment. It further details the calculation of starting amounts, the transfer of assets during policy endorsements, and the ascertainment of income and outgoings in compliance with New Zealand GAAP.
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