Regulatory Alerts2023-09-26
IPSA Governance, Supervisory Processes and Disclosure Options Paper
The Reserve Bank of New Zealand proposes amendments to the Insurance (Prudential Supervision) Act 2010 to enhance the prudential supervision of insurers through clearer governance standards and more robust supervisory powers. The consultation outlines potential requirements for prior approval of key officers, extended fit and proper assessments for senior management, and the establishment of legally enforceable standards for governance and risk management. Additionally, the Reserve Bank seeks feedback on consolidating supervisory oversight of significant transactions and introducing a disclosure standard to improve data collection and public market discipline.
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