Insurance thematic reviews

Thematic reviews in progress

Over the past few years the Reserve Bank has stated its intention to undertake a thematic review of the appointed actuary regime. We will be undertaking this in 2019. The objectives are to:

  1. Better understand how the appointed actuary role works in practice for insurers, actuaries and supervisors; and
  2. Identify potential areas for improvement (e.g. policy changes or guidance) to make the role and regime more effective.

Completed thematic reviews

After publication of reports for thematic reviews, there is follow-up by supervisors on any recommendations made to insurers that participated in the review, and to other insurers.

The Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ) have completed their joint review of 16 New Zealand life insurers. This review follows the regulators’ bank review published in November 2018.

Thematic reviews prior to 2018

Before the establishment of the Industry Insights and Thematics (IIT) team in 2018, insurer thematic reviews were conducted by the Insurance Oversight team.

This report covers the Reserve Bank’s findings from the thematic review on compliance with financial strength rating and solvency disclosures requirements in 2017. This report was based on a sample of 36 licensed insurers.
This report provides the Reserve Bank’s generalised feedback on the catastrophe risk survey 2016. Licensed insurers were asked to provide qualitative information on their assessment of exposure to catastrophe risks.
This report covers the Reserve Bank of New Zealand’s findings from a review of the quality of risk governance amongst 17 licensed insurers conducted during the second half of 2014.