Regulatory Alerts2022-05-17
Solvency Standard for Life Insurance Business 2014
The Prudential Supervision Department of the Reserve Bank of New Zealand issued this standard to regulate the solvency margin requirements for licensed insurers conducting life insurance business. It mandates the calculation of Actual and Minimum Solvency Capital, including specific charges for insurance, catastrophe, asset, and reinsurance recovery risks, while establishing a fixed capital amount of five million New Zealand dollars. The document further outlines reporting obligations for insurers and appointed actuaries, requiring annual solvency returns, financial condition reports, and adherence to specific accounting and disclosure rules.
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