Review of the Insurance Prudential Supervision Act 2010

Release date
15/08/2017

Status: Following the consultation on the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010, the Reserve Bank is commencing Phase 2 of the Review where issues identified will be considered in more detail over the next 12 to 18 months.

Consultation period: 30 March 2017 - 30 June 2017

17 October 2017

The Reserve Bank released a feedback statement following the closing of submissions on the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010. The statement acknowledges and welcomes the feedback provided to the Issues Paper, provides a preliminary timetable for Phase 2 of the Review, and outlines how several issues raised by stakeholders that were not discussed in the Issues Paper are being taken forward.

14 August 2017

The Reserve Bank received 42 submissions in response to the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010. The Bank is considering the submissions and the approach to Phase 2 of the Review in light of the comments made.

Submissions received are published unless the submitter requested their submission to be withheld. For published submissions, the Reserve Bank has redacted some personal contact information such as direct phone numbers and signatures, and converted documents to “pdf” format in addition to any redactions made by submitters. In the list of submissions below, trading or brand names may be used in place of legal entity names in some cases.

Submissions for publication

AIA New Zealand (AIA International Limited) and NIB NZ Limited also provided responses, but asked that they not be publically released.

15 May 2017

The IMF has released the report Detailed assessment of observance – Insurance Core Principles, following the 2016 Financial Sector Assessment Programme’s review of New Zealand. Relevant findings and recommendations of the report will be considered as part of the Review.

Further information

13 April 2017

The Reserve Bank hosted stakeholder discussion forums in Auckland and Wellington to provide an opportunity for stakeholders to discuss the Issues Paper and the review in general. The forums included a brief introduction to the Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010, by representatives of the Reserve Bank followed by a question and answer session and discussion.

30 March 2017

The Reserve Bank released an Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010 in respect of the Review.

The paper provides an outline of:

  • the rationale for the review;
  • the terms of reference;
  • the intended process for the review, and
  • a range of potential issues identified by the Reserve Bank that could be taken forward under the review.

Issues Paper

April 2016

In April 2016, the Reserve Bank released the Terms of reference for a review of the Insurance (Prudential Supervision) Act 2010 (IPSA).

The Reserve Bank considers that the current legislative purposes of IPSA remain appropriate. The review will therefore be undertaken in the context of these purposes being to:

  • promote the maintenance of a sound and efficient insurance sector; and
  • promote public confidence in the insurance sector.

In addition to the formal engagement process the Reserve Bank welcomes comments or feedback on the operation of IPSA at any time. If you would like to contact us, please email: ipsareview@rbnz.govt.nz.

Documents released