Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Insurance Industry Licensing Update September 2012
The Reserve Bank of New Zealand outlines the progress toward the September 2013 full licensing deadline, noting that full licenses will likely be issued in batches starting in March 2013. The regulator provides interim guidance on solvency return auditing, defers statutory fund conditions for certain insurers, and highlights ongoing reviews of life insurance solvency classifications and financial reinsurance treatments. Additionally, the update clarifies procedures for the return of deposits under IPSA section 249 and mandates Bank approval for material changes to Fit and Proper policies or Risk Management Programmes.
Share