Regulatory Alerts2022-05-17
Memorandum of Understanding between the FSA and the Reserve Bank of New Zealand regarding Insurance Organisations
The Financial Services Authority and the Reserve Bank of New Zealand have confirmed an amendment to their 1998 Memorandum of Understanding to include insurance organizations under their respective supervisory regimes. This update expands the scope of the agreement to cover New Zealand insurance organizations supervised by the Reserve Bank and UK insurance organizations supervised by the FSA. Consequently, all references to banking organizations within the original Memorandum are now amended to read banking and/or insurance organizations.
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The Financial Services Authority (the FSA) and the Reserve Bank of New Zealand (the Reserve Bank) entered into a Memorandum of Understanding dated 2 June 1998 (the Memorandum).
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The FSA and the Reserve Bank now confirm that the organisations to which the Memorandum relates shall include any New Zealand insurance organisation in respect of which the Reserve Bank has supervisory functions under the Insurance (Prudential Supervision) Act 2010, and any UK insurance organisation carrying on similar types of business as such New Zealand insurance organisations in respect of which the FSA has supervisory functions under the Financial Services and Markets Act 2000 and subordinate legislation. Accordingly, each reference in the Memorandum to “banking organisation” is amended to read “banking and/or insurance organisation”.
Confirmed:
Reserve Bank of New Zealand
By: [Signature] Date: 27/6/12 TOBY FIENNES
Financial Services Authority
By: [Signature] Date: 20/06/2012 JULIAN ADAMS