Fit and proper standard

Oct 2021 Insurance

We are changing the implementation date of the Interim Solvency Standard from 1 January 2022 to 1 January 2023.  This will give insurers more time to develop their systems and processes.

More information can be found on the Review of the Insurance Solvency Standards page.

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.