Regulatory Alerts2016-11-30
Reserve Bank of New Zealand Insurance Industry Update December 2016
The Reserve Bank of New Zealand issued this update to inform licensed insurers of regulatory changes, supervisory priorities, and compliance reminders for the end of 2016. The document mandates full compliance with data collection requirements from January 2017, announces thematic reviews of actuarial functions and disclosure practices, and details the ongoing review of the Insurance (Prudential Supervision) Act. It further emphasizes strict adherence to prudent manner obligations, enforcement actions for non-compliance, and the correct execution of certification requirements by directors.
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