Recent publications and reports for the insurance sector

Quick Reference Guide

In November 2012 the Bank issued a publication Supervision of the insurance industry - A quick reference guide (PDF 514KB) to explain the Reserve Bank’s function with regard to the insurance system in New Zealand, and the requirements that all insurers in New Zealand are licenced and subject to ongoing prudential supervision by the Reserve Bank of New Zealand.

Insurance Industry Update

The purpose of the Insurance Industry Update is to keep licensed insurers informed of current initiatives and to provide clarification on licensing, supervision, compliance requirements and related matters.

Insurance Industry Update (PDF 341KB),
December 2016
Insurance Industry Update (PDF 119KB),August 2016
Insurance Industry Update (PDF 170KB), April 2016
Insurance Industry Update (PDF 145KB), December 2015
Insurance Industry Update (PDF 185KB), July 2015 
Insurance Industry Update (PDF 194KB), December 2014
Insurance Industry Update (PDF 184KB), September 2014
Insurance Industry Update (PDF 522KB), June 2014
Insurance Industry Update (PDF 98KB), March 2014
Insurance Industry Update (PDF 129KB), December 2013
Insurance Industry Licensing Update (PDF 71KB), October 2013
Insurance Industry Licensing Update (PDF 88KB), May 2013
Insurance Industry Licensing Update (PDF 116KB), December 2012
Insurance Industry Licensing Update (PDF 157KB), September 2012
Insurance Industry Licensing Update (PDF 472KB), July 2012
Insurance Industry Licensing Update (PDF 115KB), October 2011

Reports

Copies of reports published by the Reserve Bank that relate to supervision of the insurance sector.

Insights from New Zealand solvency returns for the 2015 financial year (PDF 1778KB)
A review of the solvency returns and solvency exempt returns for the 2015 financial year. There is an analysis of the industry’s solvency results, components of solvency requirements, in aggregate and with comparisons between peer insurers. We comment on some issues uncovered as well as some other aspects that may be of interest.  This paper was presented at the New Zealand Society of Actuaries conference on 22 November 2016.

Review findings on the quality of the risk governance of insurers (PDF 186KB)
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.

The view of the Reserve Bank on ACS (NZ) Limited’s proposed scheme of arrangement under Part 15 of the Companies Act 1993, 6 June 2012 (PDF 257KB)
This report provides the Reserve Bank’s view on the contingent scheme of arrangement proposed by ACS (NZ) Ltd (formerly Ansvar Insurance). This report was originally published by ACS on its website in June 2012 ahead of a creditors meeting to vote on the scheme. Subsequently, creditors voted in favour of the scheme and the High Court gave its approval for the scheme to be established.

ACS (NZ) Limited Examination of reserve uncertainty at 31 December 2011, KPMG 29 May 2012
This report was commissioned at the direction of the Reserve Bank under section 126 of the Insurance (Prudential Supervision) Act and published by ACS on its website in June 2012 ahead of a creditors meeting and vote on the proposed scheme. It is an independent report from KPMG which examines reserve uncertainty for the outstanding claims and claims handling expense liabilities of ACS as at 31 December 2011.