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.


Related Links

Comment Due Date: August 24, 2018

Effective Date: January 01, 2019

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

Related Articles
News

PRA Finalizes Reporting Amendments to Pillar 2 Liquidity Framework

PRA published the final Policy Statement PS13/19 on regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.

June 17, 2019 WebPage Regulatory News
News

IAIS Consults on Revisions to IAIS Supervisory Material

IAIS has launched a public consultation on revisions to the IAIS supervisory material.

June 14, 2019 WebPage Regulatory News
News

IMF Paper on Implementing Prudential Standards in Developing Economies

IMF published a working paper that provides practical guidance on how developing economies, including non-Basel Committee member countries, could incorporate international standards into their prudential framework.

June 14, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for June 2019

EBA published answers to five questions under the Single Rulebook question and answer (Q&A) updates for this week.

June 14, 2019 WebPage Regulatory News
News

FSB Releases Update on Meeting of Regional Consultative Group for Asia

FSB published an update on the meeting of its Regional Consultative Group (RCG) for Asia.

June 14, 2019 WebPage Regulatory News
News

BoE, FCA, and MAS Announce Collaboration on Cyber Security

MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors.

June 13, 2019 WebPage Regulatory News
News

CBIRC Advisory Committee Holds Meeting, Discusses Regulatory Issues

The first meeting of the International Advisory Committee (IAC) of CBIRC was held in Shanghai from June 11 to 12, 2019.

June 13, 2019 WebPage Regulatory News
News

ECB and EIOPA Publish Common Minimum Standards for Data Revision in EU

ECB and EIOPA published the common minimum standards for supervisory and statistical reporting data by the undertakings in EU.

June 13, 2019 WebPage Regulatory News
News

IMF Reports on 2019 Article IV Consultation with Czech Republic

IMF published its staff report and selected issues report under the 2019 Article IV consultation with Czech Republic.

June 13, 2019 WebPage Regulatory News
News

APRA Response to Proposal on Revisions to Capital Framework for Banks

APRA published a paper in response to the first round of consultation on proposed changes to the capital framework for authorized deposit-taking institutions.

June 12, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3252