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    RBNZ Consults on Insurance Solvency Standards and NZ IFRS 16

    July 03, 2018

    RBNZ is consulting on the insurance solvency standards and the NZ IFRS 16 on leases. Comments are requested by August 24, 2018. RBNZ aims to finalize the proposed changes and amend the current solvency standards with effect from January 01, 2019.

    The consultation proposes changes to the insurance solvency standards to cater to the new assets and liabilities introduced by NZ IFRS 16. RBNZ seeks additional information from licensed insurers on the current and proposed accounting treatment of lease contracts through a survey in Appendix A. The paper also discusses the requirements of NZ IFRS 16, the reasons for the proposed changes, and the alternatives considered. The paper sets out matters considered by RBNZ in developing the proposed changes. Appendix B of the consultation paper sets out the draft text of the proposed solvency standard changes while Appendix D sets out a range of alternative options for changes RBNZ has considered and the reasons why these are not preferred.

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    Comment Due Date: August 24, 2018

    Effective Date: January 01, 2019

    Keywords: Asia Pacific, New Zealand, Insurance, Accounting, Leases, NZ IFRS 16, Solvency, RBNZ