Regulation and supervision Insurers Supervision of insurers Guidelines for Insurers

Guidelines for Insurers

Please refer to the following guidelines produced by the Reserve Bank to assist licensed insurers in understanding the supervision requirements of the Act and requirements for licensing.

Fit and proper policy (PDF 123KB)

Risk management programme requirements (PDF 113KB)

Governance (PDF 120KB)

Insurer that has not yet commenced business (PDF 77KB)

Exemptions for small insurers (PDF 134KB)

Transfers and amalgamations (PDF 111KB)

Statutory fund requirements (life insurance) (PDF 191KB)

Carrying on business in a prudent manner (PDF 110KB)

Restriction on the use of words associated with insurance (PDF 593KB)

Conditions of licence and licensing policies (PDF 246KB)

Fit and proper certificate (PDF 108KB)

Review of actuarial information (PDF 234KB)

Related to this page

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Insurance news & updates

May 2019 Insurance

Appointed actuary thematic review

The Reserve Bank has published an update on the appointed actuary thematic review.

May 2019 Insurance

SCOR Global Life SE

The Reserve Bank of New Zealand is satisfied that SCOR Global Life SE is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of SCOR Global Life SE, the licence issued to it on 8 March 2012 under section 19 of the Act was cancelled on 1 May 2019 pursuant to section 30(1) of the Act.

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.

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