Fit and proper standard

Aug 2021 Insurance

New IPSA review consultation

The Reserve Bank has released a consultation paper as part of the ongoing review of the Insurance (Prudential Supervision) Act 2010. This consultation is on Policyholder Security. This document can be found on the IPSA Review page.

Feedback on the consultation paper is encouraged. A webinar will be held to discuss the consultation at 10am on Wednesday 15 September 2021. To express your interest in attending the webinar, please subscribe to our mailing list. An invite will be sent to our Insurance mailing list closer to the date.

Aug 2021 Insurance

We are publishing the template to be used in assessing the quantitative impact of the draft interim solvency standard:

• Template for quantitative impact assessment (XLSX 451KB)

Jul 2021 Insurance

Solvency

We are publishing three documents relating to the Review of the Insurance Solvency Standards:

• A feedback statement from the consultation run over summer;
• A draft of an Interim Solvency Standard, for consultation; and
• An explanatory note.

These documents can be found on the Solvency Standard Review page.

We’ll be holding a webinar to discuss the draft interim standard at 10am on Thursday 5 August. To express your interest in attending the webinar, please subscribe to our mailing list. An invite will be sent to our Insurance mailing list closer to the date.

IPSA

We are also publishing an IPSA Review feedback statement; this relates to the recent consultation on the Scope of the Act and the treatment of overseas insurers. This document can be found on the IPSA Review page.

Mar 2021 Insurance

We have today released a feedback statement (PDF 700KB) on the consultation relating to Solvency Standard Review principles. We thank those who provided submissions. We are working through submissions received for the consultation on the structure of the solvency standards and our approach to IFRS 17.

Jan 2021 Insurance

In November the Reserve Bank published a consultation paper on the scope of the Insurance (Prudential Supervision) Act 2010 and the regime for regulating overseas insurers. The paper anticipated that the last date we would receive submissions would be Thursday 18 February 2021. This has now been extended for an extra month with the last date for submissions now Friday 19 March 2021. Note that there is no change to the final date for submissions on the solvency consultation paper on IFRS 17 and the structure of the solvency standards – this remains Thursday 18 February 2021.