Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Guideline on Rating Agency Approval
The Reserve Bank of New Zealand issued this guideline to establish the criteria for approving rating agencies under the Insurance (Prudential Supervision) Act 2010. The document requires agencies to demonstrate independence, adequate resources, and credible, objective methodologies while ensuring transparency through comprehensive disclosure of processes and ratings. It further mandates consistency in rating classifications and prohibits the use of unsolicited ratings as sales tools to ensure fair market practices.
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