Review of the Insurance (Prudential Supervision) Act 2010
Status: The Reserve Bank is consulting on the scope of the Act and the treatment of overseas insurers.
Consultation period: 30 November 2020 – 19 March 2021
30 November 2020
The Reserve Bank has released a consultation paper about the scope of the Act and overseas insurers. The paper raises issues relating to matters such as the definitions of insurance and of “carrying on business”, and discusses the regulatory regime for overseas insurers and reinsurers. Group supervision and outsourcing are also touched on.
- Consultation paper on scope of Act and overseas insurers (PDF 1.16MB)
- Non-technical summary on scope of Act and overseas insurers (PDF 295KB)
1 October 2020
The Reserve Bank has recommenced its review of the Insurance (Prudential Supervision) Act 2010, issuing a paper that sets out the anticipated timeline for the review. An initial substantive consultation paper – on the scope of the Act and its treatment of overseas insurers - is expected to be issued in November 2020.
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.
- Review of the Insurance (Prudential Supervision) Act 2010: Issues Paper Feedback Statement (PDF 469KB)
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
- A M Best (PDF 475KB)
- AA Insurance Limited (PDF 6.42MB)
- Allianz New Zealand (PDF 215KB)
- American Income Life Insurance Company (PDF 78KB)
- AMP Financial Services (PDF 197KB)
- Atradius (PDF 43KB)
- Bell Gully (PDF 235KB)
- BNZ Life Insurance Limited (PDF 1.28MB)
- Chapman Tripp (PDF 1.28MB)
- Chubb Insurance New Zealand Limited (PDF 490KB)
- Co-op Bank & Co-op Life (PDF 220KB)
- Deloitte (PDF 127KB)
- Education Benevolent Society Incorporated (PDF 1.17MB)
- Fidelity Life Assurance Company Limited (PDF 333KB)
- Financial Services Council of New Zealand (PDF 511KB)
- Financial Services Federation (PDF 428KB)
- FMG (PDF 203KB)
- Health Funds Association (PDF 333KB)
- I G Rowley & Associates (PDF 124KB)
- IAG (PDF 192KB)
- Insurance Council of New Zealand (PDF 457KB)
- Manchester Unity Friendly Society (PDF 159KB)
- MinterEllisonRuddWatts (PDF 118KB)
- Munich Reinsurance Group (PDF 2.59MB)
- New Zealand Captive Association (1) (PDF 113KB)
- New Zealand Captive Association (2) (PDF 174KB)
- New Zealand Law Society (PDF 434KB)
- New Zealand Society of Actuaries (PDF 113KB)
- OnePath Life (PDF 116KB)
- Partner’s Life (PDF 216KB)
- Product Care (NZ Ltd) (PDF 172KB)
- QBE Insurance (Australia) Limited (PDF 468KB)
- Rental Vehicle Association (New Zealand) (PDF 385KB)
- SCOR Global Life SE (New Zealand Branch) (PDF 136KB)
- Southern Cross Medical Care Society (PDF 242KB)
- Sovereign (PDF 282KB)
- Suncorp (PDF 303KB)
- Tower Insurance Limited (PDF 425KB)
- Unison Networks Limited (PDF 154KB)
- Westpac Life Limited (PDF 47KB)
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.
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.
- Issues Paper: Review of the Insurance (Prudential Supervision) Act 2010 (PDF 1MB)
- Slide presentation from the discussion forum (PDF 830KB)
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.
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: [email protected].