Economy News – Feedback sought on insurance governance and supervisory processes – Reserve Bank of New Zealand

15 November 2022 – The Reserve Bank of New Zealand is seeking feedback on a range of issues relating to how we supervise insurers.

This consultation is the last of four topic-specific consultations as part of our review of the Insurance (Prudential Supervision) Act 2010 (IPSA). The review will ensure that the IPSA legislation remains fit for its purpose of promoting the soundness and efficiency of the insurance sector.

This consultation will be followed by an ‘omnibus’ consultation in 2023, which will set out all of our proposed changes to IPSA.

This consultation explores governance and risk management for insurers; accountability for directors, appointed actuaries and other key officers; supervisory oversight of major restructuring transactions; and provisions for data gathering and information disclosure to support our insurance supervision.

“The proposed changes will help to underpin the more proactive and intensive approach to supervision that we have been developing in recent years across the sectors we regulate,” Deputy Governor and General Manager for Financial Stability Christian Hawkesby says.

“We are proposing to introduce a series of standards that will set out our expectations for insurers’ governance arrangements and risk management practices in a way that is clearer, more detailed and more enforceable.”

For further information, please read the accompanying non-technical summary and consultation paper. We are welcoming submissions on the policy questions set out in this Governance, Supervisory Processes, Data and Disclosure consultation until 21 February 2023.

More information

Non-technical summary: IPSA governance, supervisory processes and disclosure consultation (PDF 713 KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=9d4ea864c5&e=f3c68946f8
Consultation paper: IPSA options paper 4: governance, supervisory processes and disclosure (PDF 975 KB) https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e5125c9776&e=f3c68946f8
Review of Insurance (Prudential Supervision) Act 2010 https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=deba350733&e=f3c68946f8