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    RBNZ Amends Insurance Solvency Standards for New Zealand

    November 23, 2018

    RBNZ amended the solvency standards for Life Insurance Business 2014 and Non-life Insurance Business 2014. RBNZ also published its response to submissions received on the proposed changes to the insurance solvency standards and NZ IFRS 16 on leases. The consultation closed on August 24, 2018, with 17 organizations submitting feedback. Having considered the submissions, the feedback statement sets out the finalized proposals.

    The final changes are as originally consulted, except a change to the treatment of leases for intangible assets. The treatment of right-of-use assets and leases liabilities under NZ IFRS 16 will be effective from the financial year (FY) beginning on or after January 01, 2019. Additionally, the amended solvency standards:

    • Consolidate the non-life catastrophe risk charge loss return period within the solvency standard for Non-life Business 2014, which was previously set out in a separate policy position paper
    • Set out that the annual insurer solvency return is subject to a reasonable assurance level of audit

     

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    Effective Date: FY on/after January 01, 2019

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

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