Regulatory Alerts2014-02-28
Insurance Industry Licensing Update March 2014
The Reserve Bank of New Zealand outlined its risk-based supervisory framework and emphasized the critical importance of strong board governance for licensed insurers. The update clarified that overseas insurer branches must comply with local governance disclosure requirements despite exemptions from director fit-and-proper certificates. Additionally, the Bank mandated timely notification of changes to financial strength ratings to maintain an accurate public register of licensed entities.
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