Regulatory Alerts2022-05-17
Insurance Business Coverage Guideline
The Reserve Bank of New Zealand issued this guideline to assist insurance businesses in determining their obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It clarifies that life insurance business is generally captured by the Act, while non-life insurance is only captured if undertaking specific financial activities. The document details exemptions for closed policies, pure risk-based policies, and low-value policies, while identifying the Reserve Bank as the primary supervisor for life insurers.
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