Regulatory Alerts2016-03-31
Reserve Bank of New Zealand Insurance Industry Update April 2016
The Reserve Bank of New Zealand issued this update to inform licensed insurers of ongoing supervisory initiatives and clarify compliance requirements. Key developments include the planned 2016-2017 review of the Insurance (Prudential Supervision) Act 2010, the implementation of new insurer data collections, and strict adherence to certification and statutory fund obligations. The regulator also emphasized the need for robust internal processes to ensure continuity of compliance during staff transitions and highlighted specific issues regarding asset management in life insurance statutory funds.
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