Regulatory Alerts2023-02-03
Added · Updated
Insurance Data Upgrade Q&A
The Reserve Bank of New Zealand issued this document to clarify reporting requirements for insurers transitioning to the new data upgrade and NZ IFRS 17 standards. It specifies that quarterly insurer reports must be based on management accounts prepared on an NZ IFRS 17 basis, while clarifying that the one-off dual reporting does not require an audit. The guidance further details specific data submission rules, including the handling of acquisition costs, solvency forecasts, and the alignment of risk categorizations with international frameworks.
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