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

-

V1.2

From March 2016

Insurer Return
(IR)

V1.1a

Between March 2016 and January 2017

Insurer Return
(IR) 

V1.1b From February 2017

Insurer Return for Lloyd's
(IRL)

-

V1.1a

Between March 2016 and January 2017

Insurer Return for Lloyd's
(IRL)


- V1.1b From February 2017

Quarterly Insurer Survey
(QIS)

V1.2

Between March 2016 and January 2017

Quarterly Insurer Survey
(QIS)


V1.2a From February 2017

Quarterly Insurer Survey
(QIS)


-

V1.2b From November 2017

Quarterly Insurer Survey for Lloyd's
(QISL)

-

V1.1

Between March 2016 and January 2017

Quarterly Insurer Survey for Lloyd's
(QISL) 

- V1.1a From February 2017 

Insurer Solvency Return
(ISR)

V5.1

Between March 2016 and January 2017, and optionally for older Report Dates

Insurer Solvency Return
(ISR) 

V5.1a  From February 2017

Insurer Solvency Exempt Return
(ISER)

-

V2.1

Between March 2016 and January 2017, and optionally for older Report Dates

Insurer Solvency Exempt Return
(ISER) 

- V2.1a From February 2017

Insurer Foreign Business Return
(IFBR)

-

V1.1

Between March 2016 and January 2017

Insurer Foreign Business Return
(IFBR)
 

- V1.1a  From February 2017
Older versions of documents
Generic Page Thumbnail
Contains expired versions of documents and similar material for reference purposes.

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.

Reserve Bank 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 2017.

Changes

21 February 2017

Updated list of insurer names for all Forms. There are no changes to reporting requirements.

For older changes, please refer to the New Zealand insurer data collections archive page.

Future development

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