Licensing for insurers
All insurers carrying on business in New Zealand (as defined by the Act) must be licensed by 7 March 2012. This section provides information on the licensing requirements and the steps insurers will need to take to obtain a licence.
Existing insurers that notified the Bank of their intentions
The Act includes provisions for existing insurers to carry on insurance business under a provisional licence whilst their full licence application is assessed. Existing insurers are those that carried on insurance business in New Zealand (as defined by the Act) prior to 7 September 2010 that advised the Reserve Bank of their intentions by 5 January 2011.
The Reserve Bank has developed application forms for existing insurers applying for a licence that advised the Reserve Bank of their intentions by 5 January 2011. Licence applications were to be received by the Bank by 30 June 2011.
Please refer to the application overview (PDF 72KB) for more information.
Key milestones for existing insurers that advised the Reserve Bank of their intentions by 5 January 2011 are:
Licensing deadline – 7 March 2012
An existing insurer must have a licence by 7 March 2012 to carry on insurance business in New Zealand. The licence can either be a provisional or full licence for existing insurers.
Please refer to the Application for a licence guideline (PDF 152KB) for more information.
Full licence deadline – 7 September 2013
All provisional licences expire by 7 September 2013 and only fully licensed insurers can carry on insurance business in New Zealand.
Existing insurers that did not notify the Bank of their intentions
Insurers that carried on insurance business in New Zealand (as defined by the Act) prior to 7 September 2010 that did not advise the Reserve Bank of their intentions by 5 January 2011 must obtain a full licence by 7 March 2012. The provisional licensing regime does not apply to such insurers.
Please refer to the Application for a licence guideline (PDF 152KB) for more information.
New insurers
Insurers seeking to enter the New Zealand market before 7 March 2012 must obtain a full licence by 7 March 2012. Insurers seeking to enter the New Zealand market from 7 March 2012 must obtain a full licence before entering the New Zealand market. The provisional licensing regime does not apply to new insurers.
Please refer to the Application for a licence guideline (PDF 152KB) for more information.
Forms used for applying for a licence
Please contact the Bank before completing these forms.
Application overview (PDF
72KB)
Application summary (DOC
74KB)
Provisional licence
application form (DOC 185KB)
Full licence application form (DOC
141KB)
Guidelines for insurers
The Bank is producing the following guidelines for insurers to assist in understanding the requirements of the Act and how to apply for a licence. Those not yet available will be available soon.
Application for a licence (PDF
152KB)
Fit and proper policy
(PDF 123KB)
Risk management
programme requirements (PDF 113KB)
Governance (PDF 120KB)
Insurer that has not yet commenced business (PDF
77KB)
Exemptions for small
insurers (PDF 134KB)
Transfers
and amalgamations (PDF 111KB)
Statutory fund requirements (life
insurance) (PDF 191KB)
Carrying on business in a prudent
manner (PDF 110KB)
Restrictions on the words
“insurance” etc (PDF 80KB)
Conditions of licence and licensing
policies (PDF 246KB)
Fit and
proper certificate (PDF 108KB) – template for application for a licence (WORD 42KB);
template for licensed insurer (WORD
42KB)
Declarations and exemptions
The Insurance (Prudential Supervision) Act 2010 includes general provisions relating to declarations and exemptions. The purpose of declarations and exemptions is to allow flexibility when applying the insurance prudential supervision regime where appropriate, provided certain conditions are met.
Information on declarations and exemptions issued can be found in the declarations and exemptions page.
Rating agencies
Rating agencies need to obtain approval under the Act to provide insurer ratings. The Bank has produced a Rating agency approval guideline (PDF 99KB) to assist these agencies in understanding the Act’s requirements.
The following rating agencies have been approved by the Reserve Bank for the purposes of sections 60-71 of the Act:
- A.M. Best
- Standard & Poor’s
- Fitch Ratings
The website will be updated as other agencies are approved.
List of licensed insurers in New Zealand
Information on licensed insurers in New Zealand can be found in the Insurer Register.
Updates to the licensed insurer register occur in batches, as licensing applications are processed and criteria met by the insurers. Nothing should be inferred about the prudential standing of an insurer from the order in which licences are granted or notified.
Licensing reminder
A final reminder on licensing has been issued by the Deputy Governor.
