The Reserve Bank has published a further review on how licensed insurers assess their exposure to catastrophe risk. This follows on from a similar review completed in 2016. Insurers were asked to provide information on their catastrophe risks in respect of governance, processes for assessment of risks, any modelling undertaken, the controls to limit exposures, and mitigation to reduce the effects of catastrophes. This has allowed us to better understand how insurers are prudently managing their catastrophe exposures, and to monitor changes since the 2016 survey.
The Reserve Bank is also launching a review of the Insurer Solvency Standards. These documents govern the minimum capital that insurers are required to hold, and need to be reviewed in light of the findings of a number of recent reviews, as well as the impending introduction of IFRS 17 – Insurance Contracts. A paper has been released setting out the timeline for the project as well as the principles intended to guide the review. Feedback is invited.
Sep 2020 AML-CFT
AML/CFT Supervisors have updated the Enhanced Customer Due Diligence guideline