Regulatory Alerts2022-05-17
Solvency Standard for New Zealand Local Government Insurance Corporation Limited 2014
The Reserve Bank of New Zealand issued this solvency standard to impose specific capital requirements on the New Zealand Local Government Insurance Corporation Limited (Civic Assurance). The document modifies the Solvency Standard for Non-life Insurance Business 2014 by updating insurance risk capital factors and increasing the required risk margin for premium liabilities from 75% to 90%. It also introduces distinct reinsurance recovery risk capital charges for assets linked to the Specific LAPP Policy versus other reinsurance recoverables.
Share