In April 2016 the Reserve Bank of New Zealand announced a review of the Insurance (Prudential Supervision) Act 2010, with the aim of ensuring the Act continues to promote a sound and efficient insurance sector, and public confidence in it. The review was then put on hold in late 2017 before recommencing in October 2020.
Options paper: Scope of the Act and Overseas Insurers
In November 2020 the Reserve Bank of New Zealand released the issues paper 'Review of the Insurance
(Prudential Supervision) Act 2010', which sought feedback on
Issues paper
In March 2017 the Reserve Bank of New Zealand released the issues paper 'Review of the Insurance
(Prudential Supervision) Act 2010', which sought feedback on a range of topics, including: licensing; enforcement; distress management; disclosure; and the role of key officers.
In October 2020 the Reserve Bank of New Zealand formally luanched a review of insurnace solvency standards.
Structure of solvency standards
In November 2020 the Reserve Bank of New Zealand issued the first consultation in the Review of Insurance Oslvency Standards, which focused on the structure of the standard and dealing with the impacts of IFRS17.
Timing and principles
In October 2020 the Reserve Bank of New Zealand sought feeback of the principles to guide the review of the Insurance Solvency Standards and the timing of the review.