Expressions of interest from rating agencies

27 August 2010

The Insurance (Prudential Supervision) Bill requires that licensed insurers must have a current financial strength rating that is given by an approved rating agency and that the Bank may approve a person as a rating agency for the purposes of the Bill.

The Bank is now inviting expressions of interest from rating agencies that may wish to achieve approved rating agency status for the purposes of this legislation.

This interest may be notified to the Reserve Bank by email and upon receipt of this expression of interest the Reserve Bank will forward the approval requirements for full consideration and response by the applicant.

The Bank wishes to have rating agency approvals confirmed no later than 30 November 2010 in order to enable an efficient transitional planning process for insurers.

Expressions of interest should be emailed to Richard.Dean@rbnz.govt.nz or Peter.Brady@rbnz.govt.nz