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Legislation
The
Insurance Companies Deposits Act and the Insurance Companies (Ratings
and Inspections) Act are the relevant legislation in New Zealand. Theses
Acts govern the formation, deposit structure (capital) and reporting
requirements for captive insurance insurance companies licensed in
New Zealand.
Insurance Companies Deposits Act
- An Act to consolidate and amend the law relating to deposits required
from companies and persons carrying on various classes of insurance
business
Insurance Companies (Ratings and Inspections) Act
- The rating of the claims paying ability of insurers in relation
to the business of insurance except life insurance
- Inspections of insurance companies of doubtful solvency
Companies Act 1993
- To reaffirm the value of the company as a means of achieving economic
and social benefits through the aggregation of capital for productive
purposes, the spreading of economic risk, and the taking of business
risks;
- To provide basic and adaptable requirements for the incorporation,
organisation, and operation of companies
- To define the relationships between companies and their directors,
shareholders, and creditors,
- To encourage efficient and responsible management of companies
by allowing directors a wide discretion in matters of business judgment
while at the same time providing protection for shareholders and
creditors against the abuse of management power
Financial Reporting Act 1995
- Require issuers of securities to the public to file financial statements
that comply with generally accepted accounting practice and give
a true and fair view of their affairs
- Prescribe requirements for financial reporting by other entities
- Establish an Accounting Standards Review Board and define its functions
and powers
- Give legal force to accounting standards approved by the Board
They can be found by clicking here for the
New Zealand government website for legislation and search alphabetically
down to each Act:
www.legislation.govt.nz
Insurance
Ratings and Deposits Review >>
Insurance and Superannuation legislation >>
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