Relationship with other regulatory and supervisory bodies
The Reserve Bank maintains relationships with other insurance regulators and supervisors, both in New Zealand and overseas, reflecting shared interests and the benefits of cooperation for promoting effective and efficient insurance sector regulation and supervision.
Domestically, the Reserve Bank is a member of the Council of Financial Regulators. The purpose of the Council is to share information, identify important trends and issues and ensure appropriate coordination arrangements are in place to respond to financial market events and developments. The permanent members of the Council are the Financial Markets Authority and the Reserve Bank. The Treasury and the Ministry of Economic Development are associate members. The following documents provide some background to the Council of Financial Regulators:
- Terms of Reference of the Council of Financial Regulators.
- Memorandum of Understanding (PDF 1.2MB) between Financial Markets Authority and Reserve Bank of New Zealand.
For links to the websites of other members of the Council of Financial Regulators, see Council of Financial Regulators – Terms of Reference.
In order to facilitate the supervision of banks and insurers with operations in both Australia and New Zealand, the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of New Zealand have entered into a memorandum of understanding regarding the sharing of supervisory information.
Memorandum of Understanding with Australian Prudential Regulation Authority (APRA), May 2012. Also available as a PDF file (2KB).
The Reserve Bank of New Zealand and the UK's Financial Services Authority have entered into a memorandum of understanding that establishes an arrangement for sharing supervisory information, so as to assist with the supervision of banking and insurance organisations that operate both in New Zealand and the UK.
Memorandum of Understanding with the Financial Services Authority (FSA) covering banks, June 1998. Also available as a PDF file (17KB).
The Reserve Bank of New Zealand is a member of the International Association of Insurance Supervisors (IAIS), a cooperative organisation of insurance supervisors and regulators of some 190 jurisdictions. The objectives of IAIS are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability. The IAIS issues global insurance principles, standards and guidance papers; provides training and support on issues related to insurance supervision; and organises meetings and seminars for insurance supervisors. (See the IAIS website for more information.)