Regulatory Alerts2022-05-17
Draft Solvency Standard for Non-life Insurance Business December 2014
The Reserve Bank of New Zealand issued this standard under the Insurance (Prudential Supervision) Act 2010 to regulate solvency requirements for licensed non-life insurers. It mandates the maintenance of a minimum solvency margin calculated as the excess of actual solvency capital over minimum solvency capital, subject to a fixed capital amount of three million New Zealand dollars. The document establishes detailed methodologies for defining capital, calculating risk charges for insurance, asset, and counterparty risks, and specifies solo and group reporting obligations for regulated entities.
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