Regulatory Alerts2022-05-17
Solvency Standard for Non-life Insurance Business in Run-off
The Bank of New Zealand issued this solvency standard to regulate licensed insurers conducting non-life insurance business in run-off under the Insurance (Prudential Supervision) Act 2010. The document defines Actual Solvency Capital by specifying eligible capital components and required deductions, while establishing Minimum Solvency Capital through various risk charges including insurance, catastrophe, and asset risks. It mandates that appointed actuaries perform or review solvency calculations and requires insurers to report their solvency position to the regulator twice annually.
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