Regulatory Alerts2017-04-30
Reserve Bank of New Zealand Insurance Industry Update May 2017
The Reserve Bank of New Zealand issued this update to inform licensed insurers of key supervisory initiatives, including a public review of the Insurance (Prudential Supervision) Act 2010 and associated stakeholder forums. The regulator is mandating enhanced data validation, broader management sign-offs, and stricter enforcement for insurer returns, while clarifying proper usage of the secure upload facility to prevent processing errors. A thematic review of disclosure compliance revealed predominantly poor adherence across the sector, particularly among portfolio-managed insurers, and a catastrophe risk survey identified common methodological weaknesses that will be addressed through targeted supervisory feedback.
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