Regulatory Alerts2014-05-31
Reserve Bank of New Zealand Insurance Industry Update June 2014
The Reserve Bank of New Zealand issued this update to inform licensed insurers of key regulatory initiatives including financial reporting changes, risk governance reviews, and fit and proper reassessments. Effective April 2014, new legislation mandates that insurers submit annual financial statements within four months of the balance date, while a new data collection system is being designed for implementation in 2015. Additionally, the Reserve Bank is conducting a thematic review of risk governance across the sector and plans to consult on consolidated revisions to solvency standards in the fourth quarter of 2014.
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