Regulatory Alerts2022-05-17
IPSA Guideline - Exemption for small insurers
The Reserve Bank of New Zealand issues guidelines detailing exemptions from certain prudential requirements for licensed insurers with annual gross premium income below NZ $1.5 million. Eligible insurers are relieved from obligations regarding statutory funds, minimum capital, financial strength ratings, and specific financial reporting, provided they notify the regulator of their intention to rely on these exemptions. The document outlines the evidence required for initial licensing and ongoing compliance, including audited financial statements, and establishes procedures for handling threshold breaches through transitional compliance plans.
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