Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Guideline on Licensing Conditions for Insurers Not Yet Commenced Business
The Reserve Bank of New Zealand issued this guideline to clarify conditions imposed on licensed insurers that have not yet commenced business under the Insurance (Prudential Supervision) Act 2010. The Reserve Bank may enforce time-bound periods for commencing operations and minimum business volume requirements to ensure applicants have a definite intention and genuine business plan. Licences are denied to entities seeking name protection or those without the intent to actually carry on insurance business in New Zealand.
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