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ARTICLE · 12 MAY 2009

NZ Insurance (Prudential Supervision ) Bill - Consultation Draft

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The proposed new regulator of insurers in New Zealand, the Reserve Bank of New Zealand, has released a consultation draft of the Insurance (Prudential Supervision) Bill.

New ZealandInsurance
Crossley Gates
Crossley Gates
Peter Leman
Peter Leman
Grant MacDonald
Grant MacDonald

The proposed new regulator of insurers in New Zealand, the Reserve Bank of New Zealand, has released a consultation draft of the Insurance (Prudential Supervision) Bill. The Bill is to be introduced into Parliament later this year. In this update we highlight some of the changes to the current regulatory environment proposed in the Bill.

The draft Bill requires the Reserve Bank of New Zealand (Bank) to:

  • Issue licences to every person carrying on insurance business in New Zealand.
  • Undertake prudential supervision of licensed insurers.
  • Enforce the Bill against licensed insurers who fail to comply with it.

Registration

Every person carrying on insurance business in New Zealand must hold a licence. A person carries on insurance in New Zealand if the person or entity:

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New ZealandInsurance
DLA Piper Australia
DLA Piper Australia