The Reserve Bank has completed its consideration of the submissions received on the proposed changes to the Insurance Solvency Standards for NZ IFRS 16 Leases.
The final changes are as originally consulted upon except a change to the treatment of leases of intangible assets. The amended solvency standards also:
The final proposals and comments on the submissions received are set out in the feedback statement:
Response to Submissions:
Insurance Solvency Standards and NZ IFRS 16 Leases (PDF 728KB)
Submissions were received from the following entities. Trading or brand names may be used in place of legal entity names in some cases. Note that responses to the informal survey included in the consultation have been redacted. Where an entity provides only survey responses no link is provided.
AA Insurance
AIA & Sovereign
Atradius (confidential)
BNZ Life
Cigna
Fidelity Life
Foundation Life
Financial Services Council of New Zealand
IAG
Insurance Council of New Zealand
Medical Insurance Society Limited & Medical Life Assurance Society
nib
OnePath Life
Partner's Life
Southern Cross
Consultation period: 27/6/2018 to 22/8/2018
The Reserve Bank has released a Consultation Paper: Insurance Solvency Standards and NZ IFRS 16 Leases. The paper:
Interested parties are invited to provide comments on the proposed changes, the questions set out in the Consultation paper and on any other issues they consider should be taken into account, by 5pm, Wednesday 22 August 2018.
Insurance Solvency Standards and NZ IFRS 16 Leases (PDF 1.1MB)
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: [email protected]
Microsoft Word format (.doc or .docx) is preferred as that assists the efficient collation and analysis of comments.