Regulatory Alerts2022-05-17
Draft Civic Solvency Standard December 2014
The Reserve Bank of New Zealand issued this solvency standard under the Insurance (Prudential Supervision) Act 2010 to regulate the New Zealand Local Government Insurance Corporation Limited, trading as Civic Assurance. The document incorporates the Solvency Standard for Non-life Insurance Business with specific modifications, including replacing initial paragraphs and inserting a definition for Specific LAPP Policies. It establishes distinct risk capital factors for various insurance classes and mandates a 90 percent risk margin for premium liabilities while introducing specialized reinsurance recovery charges for LAPP-related assets.
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