Review of the Insurance Solvency Standards
Status: A consultation on the structure of the standards and the response to IFRS 17 has recently been concluded and a feedback statement is in preparation.
4 March 2021
We have today released a feedback statement relating to the consultation undertaken in the last quarter of 2020 on the principles guiding the Review. The statement describes several modifications to the principles that are being made in response to the submissions received.
The consultation on the structure of the solvency standards and our approach to IFRS 17 closed on 18 February 2021. We are considering submissions received and developing a feedback statement. This work will inform the development of draft interim standards, due for exposure during the third quarter of 2021.
- Review of Insurance Solvency Standards: Principles and Timeline Consultation feedback statement (PDF 700KB)
- Review of Insurance Solvency Standards: Principles and Timeline Consultation Summary of Submissions (PDF 4.5MB)
30 November 2020
The Reserve Bank has released a consultation paper about the structure of our solvency standards and our approach to IFRS 17. This paper is a precursor to the interim standard(s) that will be exposed later in 2021. It raises a number of issues relating to how solvency standards are applied and proposes certain options for their resolution.
- Consultation paper on structure of solvency standards (PDF 2MB)
- Non-technical summary on structure of solvency standards (PDF 302KB)
1 October 2020
The Reserve Bank has commenced a review of the Insurance Solvency Standards. An initial paper sets out the anticipated timeline for the review and exposes for consultation several principles intended to guide the review. A substantive consultation paper – responding to IFRS 17 and dealing with the structure of solvency standards - is expected to be issued in November 2020.