Regulatory Alerts2022-05-17
New Zealand: Detailed Assessment of Observance of Insurance Core Principles
The International Monetary Fund assessed New Zealand's insurance sector against the Insurance Core Principles, identifying significant shortfalls in prudential supervision and regulatory frameworks. The Reserve Bank of New Zealand is urged to expand its mandate to include explicit policyholder protection, enhance supervisory resources, and strengthen powers over solvency and enforcement. Additionally, the Financial Markets Authority should increase oversight of insurance conduct and intermediaries to address gaps in market discipline and consumer protection.
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