Regulatory Alerts2013-09-30
Reserve Bank of New Zealand Insurance Industry Licensing Update October 2013
The Reserve Bank of New Zealand reports that the October 2013 licensing process resulted in 96 full licences and 15 business transfers while shifting focus to risk-based prudential supervision. The regulator mandates strict compliance with fit and proper certificate requirements for directors and officers, emphasizing that insurers must conduct thorough due diligence rather than accepting information at face value. Additionally, the update outlines upcoming changes to solvency standards regarding capital quality and financial reinsurance, alongside new reporting deadlines and website restructuring.
Share