Review of Insurance (Prudential Supervision) Act 2010
We are carrying out a review of the Insurance (Prudential Supervision) Act 2010 over three years from 2021 to 2023 including a series of consultations. This page provides regular updates of the progress of our review, including past consultations and links to new consultations as they occur.
Governance, supervisory processes and disclosure
On 15 November 2022, we released a consultation paper (Options paper 4) about Governance, supervisory processes and disclosure. The consultation is due to close on 21 February 2023.
On 30 August 2021, we released a consultation paper (Options Paper 2) about policyholder security. The consultation closed on 15 November 2021.
Scope of Act and overseas insurers consultation
In November 2020, we released a consultation paper about the scope of the Insurance (Prudential Supervision) Act 2010 (IPSA) and overseas insurers.
On 22 July 2021, we released a feedback statement summarising the submissions we received. We also published detailed submissions to the extent that respondents have not requested confidentiality.
We first began reviewing the IPSA in 2016 and then put the work on hold. In October 2020, we restarted the review with the release of a paper setting out our anticipated review timeline.
First consultation on proposed review
In March 2017, we first consulted on a proposed review of the IPSA. We released an issues paper outlining:
- the rationale for the review
- the terms of reference
- the intended process for the review
- a range of potential issues we had identified that could be taken forward under the review.
We also hosted stakeholder discussion forums in Auckland and Wellington during April 2017 to provide an opportunity for stakeholders to discuss the issues paper and the review in general.
We received 42 submissions in response to the issues paper:
We released a feedback statement in October 2017. It outlined our response to several issues raised by stakeholders that were not discussed in the issues paper and provided a preliminary timetable for Phase 2 of the IPSA review.
More information about IMF's 2016 Financial Sector Assessment Programme is available.
Terms of reference for review
In April 2016, we released the terms of reference for a review of the Insurance (Prudential Supervision) Act 2010 (IPSA).
We considered the current legislative purposes of IPSA remained appropriate. The review would therefore be undertaken in the context of these purposes being to:
- promote the maintenance of a sound and efficient insurance sector
- promote public confidence in the insurance sector.
If you have feedback on IPSA
In addition to our formal engagement process, we welcome comments or feedback on the operation of IPSA at any time.
If you would like to contact us, please email: [email protected]