Regulatory Alerts2024-12-11
Interim Solvency Standard Amendment Standard 2024
The Reserve Bank of New Zealand issued this standard on 5 December 2024 to amend the Interim Solvency Standard 2023, with provisions commencing on 1 March 2025. It introduces comprehensive updates to definitions, including the renaming of the Earthquake Commission to the Natural Hazards Commission and new terms for guaranteed renewability and coverage periods. The amendment also revises solvency capital calculations by modifying standardized insurance item measurements, adjusting risk charges for short-term and long-term insurance, and updating capital factors for property holdings.
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