Regulatory Alerts2014-11-30
Reserve Bank of New Zealand Insurance Industry Update December 2014
The Reserve Bank of New Zealand issued revised solvency standards for various insurance businesses effective January 1, 2015, introducing changes to reinsurance treatment, capital definitions, and guarantee solvency. The regulator also outlined a 2015 process for amending insurer licence conditions and reporting timeframes, alongside new quarterly data collection requirements for larger insurers. Additional updates included a consultation summary on variable annuities, a nearing completion of the risk governance review, and clarifications regarding Section 78 reports and financial strength rating disclosures.
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