Featured Product

    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

     

    Related Links

    Effective Date: FY on/after January 01, 2019

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

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796