Draft Insurance Bill released for consultation

Release date
20 April 2009

The Reserve Bank today announced the release of a draft Insurance (Prudential Supervision) Bill for stakeholder consultation.

The draft Bill reflects policy approvals provided by Cabinet in December 2007 and August 2008, and is being released for consultation with an expectation that respondents will focus on legal, drafting and operational issues.

Responses on matters of policy, other than those detailed in the explanatory note on the Bank's website, are not sought in this consultation.

The draft Bill can be accessed on the Reserve Bank's website (www.rbnz.govt.nz).

Stakeholder comments in response to this draft Bill and the additional explanatory note are sought from stakeholders by no later than 22 June 2009.

Following receipt of submissions to this consultation, the Reserve Bank will finalise the Insurance (Prudential Supervision) Bill for introduction to Parliament later in 2009.

For further information contact
Anthea Black
External Communications Adviser
Ph 04 4713767, 021 2225225, anthea.black@rbnz.govt.nz