Review of the Insurance Prudential Supervision Act 2010

Release date
30/03/2017

Status: On 30 March 2017, the Reserve Bank of New Zealand published an Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010, for consultation. The consultation closes on 30 June 2017. A stakeholder discussion forum will take place in Auckland (22 May 2017) and Wellington (24 May 2017).

Consultation Period 30 March 2017 - 30 June 2017

13 April 2017

The Reserve Bank will host a stakeholder discussion forum in Auckland and Wellington to provide an opportunity for stakeholders to discuss the Issues Paper and the review in general. The forum will include a brief introduction to the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010 (PDF 1MB), by representatives of the Reserve Bank followed by a question and answer session and discussion.

Auckland:

Monday 22 May 2017
10:30am – 12:30 pm
Rydges Auckland, 59 Federal Street, Auckland

Wellington

Wednesday 24 May 2017
10am – 12:00 noon
Reserve Bank Museum, 2 The Terrace, Wellington.

Please RSVP stating clearly which session you are able to attend to: PSD.general@rbnz.govt.nz by Monday 8th May 2017. 

30 March 2017

The Reserve Bank has released an Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010 (PDF 1MB) in respect of the Review. The paper provides an outline of:

  • the rationale for the review;
  • the terms of reference;
  • the intended process for the review, and
  • a range of potential issues identified by the Reserve Bank that could be taken forward under the review.

Interested parties are invited to provide comments on the issues set out and on any other issues they consider should be taken forward under the Review, by 5pm, Friday 30th June 2017.

Submissions should be addressed to:

Richard Johnson, Senior Adviser
Prudential Supervision Department
Reserve Bank of New Zealand

and submitted to the following e-mail address:

ipsareview@rbnz.govt.nz

Microsoft Word format (.doc or .docx) is preferred as that assists the efficient collation and analysis of comments.

April 2016

In April 2016, the Reserve Bank released the Terms of reference (PDF 98KB) for a review of the Insurance (Prudential Supervision) Act 2010 (IPSA).

The Reserve Bank considers that the current legislative purposes of IPSA remain appropriate. The review will therefore be undertaken in the context of these purposes being to:

  • promote the maintenance of a sound and efficient insurance sector; and
  • promote public confidence in the insurance sector.

In addition to the formal engagement process the Reserve Bank welcomes comments or feedback on the operation of IPSA at any time. The Reserve Bank encourages stakeholders to submit issues they may have identified with the operation of the Act or areas where they consider that the costs imposed by the Act outweigh benefits. If you would like to contact us, please email: ipsareview@rbnz.govt.nz.

Documents released