New Zealand Insurer Data Collections

Regular data returns are required from licensed New Zealand insurers to support the prudential supervision of the insurance sector by the Reserve Bank under the Insurance (Prudential Supervision) Act 2010.

Information needs to be reported in a consistent presentation format to aid interpretation, assist comparisons between insurers, and to provide a sector-wide view. Some of the information will be subsequently published. (Details are still to be determined following consultation with the sector.)

This reporting is additional to other information required from insurers by legislation, licence conditions or notices (e.g. annual financial statements and auditor report, annual financial condition report, copies of solvency reporting to home supervisor, etc).

The Reserve Bank considers that the transition period for insurers to understand the new data collection requirements set out on this page has now concluded. Effective 1 January 2017, the Reserve Bank expects insurers to be fully compliant with these requirements and may take enforcement action against insurers who do not meet their obligations.

Overview

This sets out generalised reporting requirements and does not override any specifications contained in legislation, regulation, licence conditions, section 121 notices, other notices, forms, definitions, or other instructions.

Form

When

Brief description

Insurer Return
(IR)

6-monthly / annually
Due 4 months

Financial & exposure data.

Insurer Return for Lloyd's
(IRL)

6-monthly
Due 4 months

As for Insurer Return but tailored for Lloyd's.

Quarterly Insurer Survey
(QIS)

Quarterly
Due 40 working days

As for Insurer Return but generally reduced detail.

Quarterly Insurer Survey for Lloyd's
(QISL)

Quarterly
Due 40 working days

As for Quarterly Insurer Survey but tailored for Lloyd's.

Insurer Solvency Return
(ISR)

6-monthly
Due 4 months

Solvency position under NZ requirements.

Insurer Solvency Exempt Return
(ISER)

6-monthly
Due 4 months

Solvency position under home jurisdiction requirements.

Insurer Foreign Business Return
(IFBR)

Annually
Due 4 months

Foreign business supplement for NZ incorporated insurers.

Financial data is generally based off full-year and half-year financial statements except for QIS & QISL which are based off financial reporting for management.

Dates for reporting are based off each insurer's financial year end and half-year dates except for QIS & QISL which are based off fixed calendar dates.

Circumstance

Reporting forms and frequency

Large
Gross annual premium $50+ million at financial year end
or total assets $500+ million at financial year end
but excluding reinsurers with no NZ primary insurance

IR - yes 6-monthly
QIS - yes quarterly
ISR or ISER - yes 6-monthly

Lloyd's of London

IRL - yes 6-monthly
QISL - yes quarterly
ISER - yes 6-monthly

Reduced
small insurer exemption under IPSA regulation 11(1)(a)(ii)
or reinsurers with no NZ primary insurance
or captive insurers under IPSA section 6

IR - yes annually
QIS - no
ISR or ISER - yes 6-monthly

Default
all other insurers

IR - yes 6-monthly
QIS - no
ISR or ISER - yes 6-monthly

Significant foreign insurance
NZ incorporated with foreign insurance $10+ million and 10% of total

IFBR - yes annually
in addition to other relevant circumstance

Frequent changes in reporting requirements due to fluctuations in insurer size in successive financial years are undesirable. To manage this issue, the Reserve Bank will apply a lower threshold to exit than to enter the Circumstance row of “Large”.

The Reserve Bank may also require an insurer to report differently to the above table where it is reasonable and appropriate to do so.

We require a limited audit of the annual Insurer Solvency Return. We do not currently require the other regular data returns to be audited. If data quality isn’t sufficiently high we might, in future, add an audit requirement for data returns for all insurers, or for selected insurers.

Legal authority

Data is collected under the Insurance (Prudential Supervision) Act 2010 section 121 notices issued to licensed insurers.

Reporting requirements for each insurer are specified in their section 121 notice(s). These apply until the Reserve Bank gives notice to an insurer of variation or revocation. Penalties may be made for non-compliance.

All information collected in these returns is subject to section 135 confidentiality provisions.

Documents

The table below contains the current Forms that are referenced in the section 121 notices. These, and the Definitions provided in the instructions to complete the returns, must be used. We also provide a guide for some of the returns.

Insurers should regularly check this section for a later version of any forms they are required to use.


Document

Form

Guide

Version

Report Dates

Definitions for Insurer Return & Quarterly Insurer Survey

-

V1.1

Between August 2015 and February 2016

Definitions for Insurer Return & Quarterly Insurer Survey

-

V1.2

From March 2016

Insurer Return
(IR)

V1

Up to February 2016

Insurer Return
(IR)

V1.1a

From March 2016

Insurer Return for Lloyd's
(IRL)

-

V1

Up to February 2016

Insurer Return for Lloyd's
(IRL)

-

V1.1a

From March 2016

Quarterly Insurer Survey
(QIS)

V1.1

Between August 2015 and February 2016

Quarterly Insurer Survey
(QIS)

V1.2

From March 2016

Quarterly Insurer Survey for Lloyd's
(QISL)

-

V1

Up to February 2016

Quarterly Insurer Survey for Lloyd's
(QISL)

-

V1.1

From March 2016

Insurer Solvency Return
(ISR)

V5

Between July 2015 and February 2016

Insurer Solvency Return
(ISR)

V5.1

From March 2016, and optionally for older report dates

Insurer Solvency Exempt Return
(ISER)

-

V2

Between July 2015 and February 2016

Insurer Solvency Exempt Return
(ISER)

-

V2.1

From March 2016, and optionally for older report dates

Insurer Foreign Business Return
(IFBR)

-

V1

Up to February 2016

Insurer Foreign Business Return
(IFBR)

-

V1.1

From March 2016

For older versions of documents, please refer to the Insurer supervision archive.

Instructions for submission

Returns must be submitted in excel format using the Reserve Bank Secure Upload Facility selecting the relevant submission type from the drop-down options (this is generally the name of the return), unless specifically agreed in writing by the Reserve Bank.

Returns must not be submitted by less secure methods (such as email), or as paper documents, or in other formats (such as pdf).

Other required documents (such as annual financial statements) or optional documents (such as working files) must be uploaded separately to the associated returns selecting the relevant subject.

In future a login will be added and these instructions will be updated.

RBNZ contact for questions

Please send your questions to statsunit@rbnz.govt.nz and we will respond shortly. For urgent enquiries, call during working hours:

Phone +64 4 471 3799

Publication of information

The Reserve Bank intends to publish some of the information collected in these returns. We expect to issue a proposal for consultation with insurers and stakeholders, in 2016 or 2017.

Recent changes

For older changes, please refer to the Insurer supervision archive.

11 March 2016

Publish the following documents:

  • Definitions for Insurer Return & Quarterly Insurer Survey V1.2
  • Insurer Return (IR) V1.1
  • Insurer Return for Lloyd’s (IRL) V1.1
  • Quarterly Insurer Survey (QIS) V1.2
  • Quarterly Insurer Survey for Lloyd’s (QISL) V1.1
  • Guidance for Insurer Return & Quarterly Insurer Survey V1.2
  • Insurer Solvency Return (ISR) V5.1
  • Insurer Solvency Exempt Return (ISER) V2.1
  • Insurer Foreign Business Return (IFBR) V1.1

(The Guide to Completing Insurer Solvency Return has not been updated.)

All forms have an updated list of insurers.

All the above documents except for Insurer Solvency Return and Insurer Solvency Exempt Return have been changed as follows (as applicable):

  • clarify the distinction between other insurance and other excluding insurance-related for revenue, expenses, assets and liabilities
  • clarify treatment of policy/administration fees
  • clarify treatment of fixed amount fee revenue for outwards reinsurance
  • labelling to identify which outwards reinsurance assets are life insurance methods or general insurance methods
  • clarify treatment of outwards reinsurance commission liability
  • under life insurance methods changes to separately record tax components of gross policy liabilities (only where insurers have this information)
  • clarify the correct signs for life insurance deposits and withdrawals
  • clarify treatment of changes in premium rates and cover for exposure movements
  • clarify treatment of premiums that vary with exposure for annual premium exposure item
  • added comment on currency conversion

In addition, the Quarterly Insurer Survey and QISL have also been changed as follows:

  • improved formatting
  • added comments on specified matters (consistent with Insurer Return)
  • align accounting methods drop-down with Insurer Return
  • change exposure movements to financial year to date (consistent with other information)
  • correct typo for health insurance exposures

Several FAQs have been added to the Guidance for Insurer Return & Quarterly Insurer Survey based on our experience to date with QIS reporting. This includes both the above changes and some other aspects where no changes to Forms or Definitions have been made.

There are no changes for Insurer Solvency Return, other than an updated list of insurers.

The Insurer Solvency Exempt Return has been changed as follows:

  • corrected title of return (consistent with section 121 notices)
  • added comment on currency conversion

While there are a lot of changes, almost all of these are minor or clarifying in nature. An exception is the Insurer Return and Quarterly Insurer Survey changes in respect of tax under life insurance methods, which is needed to aid our understanding of information reported. A full consultation was not conducted on this issue since we permit insurers that do not have the tax information available to continue reporting their policy liabilities net of tax.

21 March 2016

Correction of a bug in formulae in the following documents:

  • Insurer Return (IR) V1.1
  • Insurer Return for Lloyd’s (IRL) V1.1

Future development

  • Make improvements to the submission process.
  • Consult on a proposal to publish some of the reported information.