Relationship with other regulatory and supervisory bodies
The Reserve Bank maintains relationships with other insurance regulators and supervisors, both in New Zealand and overseas.
Council of Financial Regulators
Domestically, the Reserve Bank is a member of the Council of Financial Regulators.
The purpose of the Council is to:
- Share information
- Identify important trends and issues
- Ensure appropriate coordination arrangements are in place to respond to financial market events and developments.
The members of the Council are the Financial Markets Authority, the Reserve Bank, the Treasury and the Ministry of Business, Innovation and Employment.
The following documents provide some background to the Council of Financial Regulators:
- Terms of Reference of the Council of Financial Regulators.
- Memorandum of Understanding between Financial Markets Authority and Reserve Bank of New Zealand (PDF 1.2MB).
For links to the websites of other members of the Council of Financial Regulators, see the Council of Financial Regulators – Terms of Reference page.
Australian Prudential Regulation Authority
In order to facilitate the supervision of banks and insurers with operations in both Australia and New Zealand, the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of New Zealand have entered into a memorandum of understanding regarding the sharing of supervisory information.
Bank of England
The Reserve Bank of New Zealand and the Bank of England (formerly the Prudential Regulation Authority and the Financial Services Authority), have entered into a memorandum of understanding that establishes an arrangement for sharing supervisory information, so as to assist with the supervision of banking and insurance organisations that operate both in New Zealand and the UK.
International Association of Insurance Supervisors
The Reserve Bank is a member of the International Association of Insurance Supervisors (IAIS), a cooperative organisation of insurance supervisors and regulators of some 190 jurisdictions.
The objectives of IAIS are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
The IAIS issues global insurance principles, standards and guidance papers; provides training and support on issues related to insurance supervision; and organises meetings and seminars for insurance supervisors.
The Reserve Bank is also a signatory to the IAIS Multilateral Memorandum of Understanding (MMoU). The MMoU is a global framework for cooperation and information exchange between insurance supervisors. It is a statement of its signatories’ intent to cooperate in the field of information exchange, as well as procedures for handling information requests.
Financial Services Commission and The Financial Supervisory Service – Republic of Korea
The Reserve Bank of New Zealand has entered into a memorandum of understanding with the Financial Services Commission and the Financial Supervisory Service from the Republic of Korea. The memorandum of understanding establishes mutual cooperation in the area of financial supervision.Download the Memorandum of Understanding with the Financial Services Commission and the Financial Supervisory Service from the Republic of Korea (PDF 3MB).