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Review of the Insurance Prudential Supervision Act 2010

We are consulting on insurance Enforcement and Distress Management

Consultation opened:
Consultation closed:
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Closed

Status: We are consulting on insurance Enforcement and Distress Management

Consultation period: 10 March – 20 May 2022

24 May 2022

We have published our feedback to responses received on our Insurance (Prudential Supervision) Act (IPSA) 2010 Policyholder Security consultation. We launched the consultation in August 2021 seeking feedback on issues relating to: insurer’s financial strength disclosures; solvency requirements, termination values, statutory funds and a policyholder guarantee scheme.

10 March 2022

We have today released a consultation paper seeking feedback on the penalties and enforcement tools available when supervising insurers and on our powers to manage distressed insurers.

This consultation is the third of five that we are conducting as part of our review of the Insurance (Prudential Supervision) Act (IPSA) 2010.

IPSA currently includes a range of criminal penalties for non-compliance with regulation. In this consultation, we discuss introducing other types of sanctions and penalties to allow a more proportional and graduated response to compliance issues.

This consultation reviews our powers to obtain information from insurers to inform our supervision. It discusses introducing a compulsory on-site inspection power and a breach-reporting system, where insurers are required to monitor their own regulatory compliance and communicate breaches to the Reserve Bank. It also explores our role in insolvency and statutory management.

Insurance Policy Review: Insurance Prudential Supervision Act (PDF 600KB)

IPSA Options Paper 3: Enforcement and Distress Management non-technical summary (PDF 680KB)

IPSA Options Paper 3: Enforcement and Distress Management Consultation Paper (PDF 966KB)