Regulatory Alerts2022-05-17
Solvency Standard for Life Insurance Business 2014
The Reserve Bank of New Zealand issued this standard under the Insurance (Prudential Supervision) Act 2010 to regulate the solvency requirements for licensed insurers conducting life insurance business in New Zealand. It mandates the calculation of Actual and Minimum Solvency Capital, including specific charges for insurance, catastrophe, and asset risks, while establishing a fixed capital amount of five million New Zealand dollars. The document further outlines reporting obligations for insurers and appointed actuaries, including the submission of annual solvency returns and financial condition reports to ensure ongoing prudential compliance.
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