Licensing for insurers

All insurers carrying on business in New Zealand (as defined by the Act) must be licensed. This section provides information on the licensing requirements and the steps insurers will need to take to obtain a licence before carrying on insurance business.

Please contact the Bank if you intend to apply for a licence and we will assign an insurance supervisor to be your point of contact during the licensing process. We encourage you to make contact with us early in your planning process.

Licence Application Form

Please contact the Bank and request a Full Licence Application Form.

Other Forms

Overseas insurer application for non-resident CEO or CFO or appointed actuary who is not a Fellow of the New Zealand Society of Actuaries (Inc) (PDF 1.29MB)
Material Changes to risk management programme (PDF 840KB) – form to request approval for the changes
Material Changes to fit and proper policy (PDF 842KB) – form to request approval for the changes

Guidelines for insurers

Please refer to the following guidelines for information about the requirements of the Act and how to apply for a licence.

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) – template for application for a licence (WORD 42KB); template for licensed insurer (WORD 42KB)
Review of actuarial information (PDF 234KB)

 

Declarations and exemptions

The Insurance (Prudential Supervision) Act 2010 includes general provisions relating to declarations and exemptions. The purpose of declarations and exemptions is to allow flexibility when applying the insurance prudential supervision regime where appropriate, provided certain conditions are met.

Information on declarations and exemptions issued can be found in the declarations and exemptions page.

Rating agencies

Rating agencies need to obtain approval under the Act to provide insurer ratings. The Bank has produced a Rating agency approval guideline (PDF 99KB) to assist these agencies in understanding the Act's requirements.

The following rating agencies have been approved by the Reserve Bank for the purposes of sections 60-71 of the Act:

  • A.M. Best
  • Standard & Poor's
  • Fitch Ratings

This will be updated as other agencies are approved.