October 19, 2017

RBNZ launched a consultation on audit requirements for insurer data returns. The paper sets out the rationale for reconsidering audit requirements; the proposal and possible alternatives; and a brief discussion of possible costs and benefits. The consultation ends on December 16, 2017.

RNZ invites responses from insurance industry participants, industry and professional bodies, audit firms, consumer representatives, and the general public. RBNZ seeks feedback about the possibility of strengthening the existing requirements related to the Insurer Solvency Return. The final section of the paper sets out questions on which RBNZ would like to receive submissions.

In New Zealand, licensed insurers operate within the framework established by the Insurance (Prudential Supervision) Act 2010 (IPSA) and its supporting secondary legislation. IPSA aims to promote the maintenance of a sound and efficient insurance sector and to promote public confidence in the insurance sector. Section 12 of IPSA gives RBNZ specific functions in support of these purposes. These are to license insurers, impose prudential requirements on insurers, supervise compliance with those requirements, and take action in respect of insurers in distress. The provision of high-quality data by insurers to the RBNZ helps meet the purposes of IPSA and helps RBNZ to undertake its functions.

 

Related Link: Consultation Paper (PDF)

Consultation Date: December 16, 2017

Keywords: Asia Pacific, New Zealand, Insurance, Insurer Data Returns, Audit Requirements, RBNZ