Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Insurance Industry Licensing Update December 2012
The Reserve Bank of New Zealand issued this update to outline the progress of its insurance licensing process, noting that most insurers have met the September 2012 governance milestone while full licences are expected to begin issuing in March 2013. The document mandates that all insurers strictly comply with financial strength rating disclosure requirements under sections 60-71 of the Act and highlights a consultation paper on solvency standards regarding financial reinsurance. Additionally, it provides interim guidance on statutory fund establishment timelines, notification procedures for changes to fit and proper policies, and clarifies that annual returns to the Companies Office are no longer required following the repeal of the 1953 Act.