Solvency Standards and NZ IFRS 16 Leases

Release date
03/07/2018

Status: The consultation is open and submissions are welcome

Consultation period: 3/7/2018 to 24/8/2018

3 July 2018

The Reserve Bank has released a Consultation Paper: Insurance Solvency Standards and NZ IFRS 16 Leases. The paper:

  • Sets out some proposed changes to the insurance solvency standards to cater for the new assets and liabilities introduced by NZ IFRS 16;
  • Discusses the requirements of NZ IFRS 16, the reasons for the proposed changes and alternatives considered; and
  • Seeks additional information from licensed insurers on the current and proposed accounting treatment of lease contracts through a survey. The survey may be completed on a best endeavours basis.

Interested parties are invited to provide comments on the proposed changes, the questions set out in the Consultation paper and on any other issues they consider should be taken into account, by 5pm, Friday 24 August 2018.

Consultation document:
Insurance Solvency Standards and NZ IFRS 16 Leases (PDF 1.1MB)

Submissions should be addressed to:
Richard Johnson, Senior Adviser Prudential Supervision Department Reserve Bank of New Zealand

and submitted to the following e-mail address:
InsuranceLeasesConsultation@rbnz.govt.nz

Microsoft Word format (.doc or .docx) is preferred as that assists the efficient collation and analysis of comments.