Fit and proper standard

Jan 2019 Insurance

The Reserve Bank of New Zealand is satisfied that Education Benevolent Society Incorporated is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of Education Benevolent Society Incorporated, the licence issued to it on 18 April 2013 under section 19 of the Act was cancelled on 31 December 2018 pursuant to section 30(1) of the Act.

Dec 2018 Insurance

The Reserve Bank of New Zealand has published the December 2018 edition of the Insurance Industry Update.

Read the Insurance Industry Update 2018 (PDF 156KB)

Nov 2018 Insurance

The Reserve Bank has issued amendments to the insurance sector solvency standards. The amendments cater for the introduction of NZ IFRS 16 Leases and require a reasonable assurance level of audit of the annual insurer solvency return.

For further information:

• Amended solvency standards
• Consultation feedback on changes to the solvency standards due to NZ IFRS 16 Leases
• Consultation feedback on audit requirements for insurer data returns

Nov 2018 Insurance

The Reserve Bank of New Zealand is satisfied that CUI Insurance Limited (formerly known as Credit Union Insurance Limited) is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of CUI Insurance Limited, the licence issued to it on 01 April 2013 under section 19 of the Act was cancelled on 5 November 2018 pursuant to section 30(1) of the Act.

Nov 2018 Insurance

The Reserve Bank of New Zealand is satisfied that Sunderland Marine Insurance Company Limited is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of Sunderland Marine Insurance Company Limited, the licence issued to it on 19 June 2013 under section 19 of the Act was cancelled on 1 November 2018 pursuant to section 30(1) of the Act.