Solvency standards applicable to insurers 2014

Release date
17/12/2014

Status: Closed

Timing: Re-issued the following solvency standards 17 December 2014

  • Solvency Standard for Life Insurance Business 2014;
  • Solvency Standard for Non-life Insurance Business 2014;
  • Solvency Standard for Captive Insurers Transacting Non-life Insurance Business 2014;
  • Solvency Standard for Non-life Insurance Business in Run-off 2014;
  • Solvency Standard for New Zealand Local Government Insurance Corporation Limited 2014.

The solvency standards are located on the Regulation of the insurance sector page.

Consultation Papers and Responses to Submissions

December 2014

In December 2014 the Reserve Bank released Response to submissions Insurance Solvency Standards (PDF 129KB) and revised versions of all the solvency standards. The revised standards are located on the Regulation of the insurance sector page.

16 September 2014 

On 16 September 2014 the Reserve Bank released for consultation a package of papers proposing amendments to all of the Insurance Solvency Standards.  This package incorporated responses to a number of earlier consultations. The consultation package comprised the following papers:

23 December 2013 

The Reserve Bank issued a consultation paper: Insurance Solvency Standards: Guarantees (PDF 416KB).

10 June 2013 

The Reserve Bank released a consultation paper (PDF 243KB) on the treatment of guarantees and off-balance sheet exposures for solvency capital purposes.

7 December 2012

The Reserve Bank released a consultation paper (PDF 289KB) on the quality of capital, the treatment of financial reinsurance arrangements.

The amendments to the Solvency Standards in 2014 included amendments in respect of reinsurance. In addition to the consultation paper above, the following papers were released in respect of financial reinsurance:

Regulatory Impact Statement

Regulatory Impact Statement of the Solvency Standards Reissue 2014 (PDF 308KB).