Fit and proper standard

Mar 2019 Insurance

In 2019 the Reserve Bank is performing a thematic review of the appointed actuary regime. Any policy changes will require consultation. We will seed feedback on the objectives and a draft plan for the review through open forums in Auckland and Wellington, as well as meetings with key stakeholder groups. The forums are scheduled for:

• Wellington - Tuesday 2 April 1-2:30pm and 3 - 4:30pm at James Cook hotel
• Auckland - Wednesday 3 April 12:30-2pm and 2:30-4pm at the Heritage hotel

If you wish to attend please RSVP by email to insurancethematicreview@rbnz.govt.nz no later than 27 March 2019. Please state who will be attending and which session.

Feb 2019 Insurance

We published new forms to be used for Report Dates from February 2019 on the insurer data collections page.

The Insurer Solvency Return has been updated to reflect the recent amendment to solvency standards (NZ IFRS 16 Leases and reasonable assurance audit), and the Insurer Return has added validation checks for insurers to review before submission.

Jan 2019 Insurance

On 29 January 2019 the Financial Markets Authority and Reserve Bank of New Zealand released the findings from their joint review of conduct and culture in New Zealand life insurers. The review took place between June and November 2018 and involved a review of 16 life insurers. The report is thematic in nature and as such does not attribute findings to individual life insurers.

• Read the Thematic review of Life Insurer Conduct and Culture (PDF 815KB)

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)