Regulatory Alerts2013-04-30
Reserve Bank of New Zealand Insurance Industry Licensing Update May 2013
The Reserve Bank of New Zealand warns that the September 2013 deadline for full licensing is approaching and states it will not guarantee assessments if required information is not provided. The regulator is adopting a stricter compliance approach, citing late filings and incomplete data as key issues, while also detailing new AML/CFT obligations for life insurers effective June 2013. Additional guidance covers statutory fund establishment requirements, financial strength rating disclosures, and ongoing consultations on financial reinsurance and capital quality.
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