In November 2018, we completed our consideration of the submissions we received on the proposed changes to the Insurance Solvency Standards for NZ IFRS 16 Leases.
The final changes were as originally consulted upon except for a change to the treatment of leases of intangible assets. The amended solvency standards also:
Read the audit requirements for insurer data returns consultation
Our final proposals and comments on the submissions received were set out in our response to submissions:
Read the response to submissions: Solvency Standards and NZ IFRS 16 Leases (PDF 728 KB)
We received submissions from the following entities. Trading or brand names may be used in place of legal entity names in some cases.
Note: we have redacted responses to the informal survey included in the consultation. Where an entity provided only survey responses, no link has been provided.
AIA & Sovereign
Atradius (confidential)
BNZ Life
Financial Services Council of New Zealand
Insurance Council of New Zealand
Medical Insurance Society Limited & Medical Life Assurance Society
OnePath Life
Southern Cross
We released the consultation paper on 27 June 2018 on insurance solvency standards and NZ IFRS 16 leases. The paper:
Consultation paper: Solvency Standards and NZ IFRS 16 Leases (PDF 1.1 MB)