Regulatory Alerts2022-05-17
Supervision of the Insurance Industry: A Quick Reference Guide
The Reserve Bank of New Zealand issued this November 2012 guide to outline the prudential supervision system established by the Insurance (Prudential Supervision) Act 2010. The document details the mandatory licensing process for all insurers, requiring compliance with fit and proper, risk management, and capital standards to ensure market soundness. It further explains the Reserve Bank's ongoing supervisory role, which includes proactive monitoring and enforcement powers to manage financial stress and protect the stability of the insurance sector.
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