RegAlert

Guidance · RBNZ · 17 May 2022

Memorandum of Understanding between the FSA and the Reserve Bank of New Zealand regarding Insurance Organisations

insurance

The Financial Services Authority and the Reserve Bank of New Zealand have confirmed an amendment to their 1998 Memorandum of Understanding to include insurance organizations under their respective supervisory regimes. This update expands the scope of the agreement to cover New Zealand insurance organizations supervised by the Reserve Bank and UK insurance organizations supervised by the FSA. Consequently, all references to banking organizations within the original Memorandum are now amended to read banking and/or insurance organizations.

New ZealandReserve Bank of New Zealand

1) The Financial Services Authority (the FSA) and the Reserve Bank of New Zealand (the Reserve Bank) entered into a Memorandum of Understanding dated 2 June 1998 (the Memorandum).

2) The FSA and the Reserve Bank now confirm that the organisations to which the Memorandum relates shall include any New Zealand insurance organisation in respect of which the Reserve Bank has supervisory functions under the Insurance (Prudential Supervision) Act 2010, and any UK insurance organisation carrying on similar types of business as such New Zealand insurance organisations in respect of which the FSA has supervisory functions under the Financial Services and Markets Act 2000 and subordinate legislation. Accordingly, each reference in the Memorandum to “banking organisation” is amended to read “banking and/or insurance organisation”.

Confirmed:

Reserve Bank of New Zealand

By: [Signature] Date: 27/6/12
TOBY FIENNES

Financial Services Authority

By: [Signature] Date: 20/06/2012
JULIAN ADAMS

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Memorandum of Understanding dated2 June 1998 (the Memorandum)Not in RegAlert · Financial Services AuthorityMemorandum of Understanding dated 2 June 1998 (the Memorandum) — Not in RegAlert · Financial Services AuthorityMentions (1)a document this one mentionsopen the list below the graph ▾Mentions (1): a document this one mentions without changing it — open the list below the graphMemorandum of Understandingbetween the FSA and the Reser…2022-05-17 · this documentMemorandum of Understanding between the FSA and the Reserve Bank of New Zealand regarding Insurance Organisations (2022-05-17)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (1)
Amends
  • Memorandum of Understanding dated 2 June 1998 (the Memorandum)Not in RegAlert · Financial Services Authority

    “The Financial Services Authority (the FSA) and the Reserve Bank of New Zealand (the Reserve Bank) entered into a Memorandum of Understanding dated 2 June 1998 (the Memorandum).”

Mentions (1): 1 document this one mentions without changing it
Common references
  • Insurance (Prudential Supervision) Act 20102010 · NZ-LAW · cited by 126 RBNZ documents

    “any New Zealand insurance organisation in respect of which the Reserve Bank has supervisory functions under the Insurance (Prudential Supervision) Act 2010”

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Source: Reserve Bank of New Zealand — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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