Regulatory Alerts2023-04-03
Material Changes to Fit and Proper Policy Approval Request
The Reserve Bank of New Zealand requires licensed insurers to obtain prior approval for any material changes to their fit and proper policies under the Insurance (Prudential Supervision) Act 2010. Insurers must submit a formal request including track change and clean versions of the policy alongside detailed justifications for legislative compliance and adherence to regulatory guidelines. This process ensures that amendments maintain the integrity of standards governing the qualifications and conduct of directors and relevant officers.
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