October 17, 2017

RBNZ released a feedback statement after considering the responses received on the consultation on issues paper on review of the Insurance (Prudential Supervision) Act 2010. The statement acknowledges and welcomes the feedback received to the issues paper, provides a preliminary timetable for Phase 2 of the review, and outlines how several issues raised by stakeholders that were not discussed in the issues paper are being taken forward. RBNZ is commencing Phase 2 of the review, in which the identified issues will be considered in more detail over the next 12 to 18 months. The feedback statement also contains an indicative timetable for Phase 2 of the review.

RBNZ had received 42 submissions in response to the consultation on issues paper on the review of the Insurance (Prudential Supervision) Act 2010. The paper outlined the rationale for the review, the terms of reference, and the intended process and timeframes for the review, in addition to discussing a range of potential issues identified by the RBNZ that could be taken forward under the review. The consultation ran from March 30, 2017 to June 30, 2017. The review of the Insurance (Prudential Supervision) Act 2010 has been expected to progress in three broad phases:

  • Phase 1. Identification of issues to be taken forward
  • Phase 2. Policy analysis and options for change
  • Phase 3. Enactment and transition to implementation

 

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Keywords: Asia Pacific, New Zealand, Insurance, Review Prudential Act, Feedback Statement, RBNZ

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