Regulatory Alerts2022-05-17
Solvency Standard for Non-life Insurance Business 2014
The Reserve Bank of New Zealand issued this solvency standard to regulate licensed insurers carrying on non-life insurance business in New Zealand under the Insurance (Prudential Supervision) Act 2010. The document mandates that insurers maintain a Fixed Capital Amount of 3 million New Zealand dollars and calculate their Solvency Margin based on Actual Solvency Capital minus Minimum Solvency Capital requirements. It establishes detailed methodologies for capital instruments, risk charges including insurance and catastrophe risks, and reporting obligations for both solo and group solvency assessments.
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