Regulatory Alerts2013-01-01
Insurance (Long-Term Insurance Business Solvency) (Amendment) Rules 2013
The Financial Services Commission issued these rules to amend long-term insurance solvency requirements by capping aggregate investments in related companies at ten percent of an insurer's assets and broadly defining investment to include receivables, deposits, and loans. Insurers must comply with the new cap by 30 June 2014, and may apply for a Commission-granted extension of up to six months if they demonstrate just or reasonable cause. The amendment rules officially commenced on 1 July 2013 under the Financial Services Act 2007 and Insurance Act 2005.
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