Regulatory Alerts2012-06-30
Reserve Bank of New Zealand Insurance Industry Licensing Update July 2012
The Reserve Bank of New Zealand issued this update to outline the transition from provisional to full licensing for approximately 100 insurers following the Canterbury earthquakes and the new prudential regime. The Bank established a prioritization framework focusing on large or stressed insurers and set key compliance milestones for governance, risk management, and solvency reporting by late 2012. Insurers are required to submit detailed solvency returns, fit and proper certificates, and statutory fund documentation while preparing for full license issuance starting in the first quarter of 2013.
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