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Latest News
NZCIA
commentary and submission on Cabinet & Economic Development
Committee Office of Finance Cabinet Paper >>
Meeting with the Reserve Bank
On 24 June we met with Richard Dean and David Williams
of the Reserve Bank and
presented information papers and our comments on the Reserve
Bank discussion
paper. From their responses it seems fair to say that the
Reserve Bank understands
our submissions and position and will take these into account
when developing draft
legislation for introduction to parliament. This draft legislation
will then be subject to
scrutiny by Select Committee and MPs as well as public submissions.
Asia Pacific Rendezvous
The Asia Pacific Rendezvous 2008 is being held in Singapore
on July 10 and 11. The President of the NZCIA, Peter Lowe,
is speaking on Domicile Panel with representatives from Singapore,
Hawaii Vanuatu, Hong Kong, Labuan and Guam. The organiser
have offered Speaker discounts of 25% for NZCIA members.
Agenda
and entry form >>
Review
of Financial Products and Providers
Prudential Regulation of Insurance consultation Document >>
NZCIA
submission to the Reserve Bank of New Zealand >>
Latest
Pree Release >>
Reserve Bank welcomes new
insurance responsibilities
Date 17 December 2007
Reserve Bank Governor Alan Bollard
today welcomed the Cabinet decision that the Bank will take
on new responsibilities under a regulatory framework for the
prudential regulation of the insurance sector.
The prudential framework will apply to all insurance providers,
including life, health and general insurance.
The Bank’s role as regulator and supervisor of the insurance
sector will include licensing insurers and enforcing disclosure
requirements, including a mandatory rating of an insurer’s
financial strength.
Dr Bollard said the prudential requirements will not be overly
prescriptive and will place emphasis on directors’ responsibilities
to effectively manage the risks within their businesses. The
objective of the new prudential requirements will be to encourage
the maintenance of a sound and efficient insurance sector
that promotes confidence among policyholders.
“The insurance sector is an important part of the financial
system which underpins economic activity,” Dr Bollard
commented. “Policyholders need to have confidence in
insurance providers that insurance claims will be honoured.
While prudential supervision can never eliminate the possibility
of failures within the sector, licensing of all insurance
providers helps to ensure that minimum requirements are applied
to the sector in a consistent manner.”
The Reserve Bank will consult with stakeholders in developing
the necessary regulations.
Legislation will be introduced in 2008, and is expected to
be brought into force at some point in 2010.
NZCIA meeting with Reserve
Bank of New Zealand - Insurance Company Regulation
Recently Mr Warren Maslin, Mr Patrick Vandernoll and Mr Peter
Lowe meet with Reserve Bank of New Zealand officials Margaret
Griffin and David Williams. during this meeting the NZCIA
explained our position of the proposed legislation and why
captive insurance companies should be exempt from sections
of the legislation. Please find attached the information provided
to the Reserve Bank. See
attached file >>
 The
NZCIA donated a number of conference bags to the Wairau
Valley Special School. The donation was organised
by Patrick Vandernoll whose wife is a teacher at the school.
The students have given the Association a painting of Auckland
as a thank you. Read
their thankyou letter >>
New
Zealand Captive Insurance Legislation - the Future
>>
By Sabina Binkelmann, DLA Philips Fox, Auckland, New Zealand
[PowerPoint file, 158KB]
Australian Prudential Regulation Authority
(APRA) - 31 July 2007
Discussion
Paper -
Refinements to the General Insurance Prudential Framework
>>
Captive
law: Global evolution of captive insurance legislation >>
Captive & Art Review, June/July 2007
Asia
Pacific Captive Conference >>
Latest
IBANZ Member Newsletter outlining the Commerce
Ministers Announcement regarding Financial Sector Changes
>>
Australian
Prudential Regulatory Authority (APRA) announcement
on DOFI's >>
New
Zealand Captive Conference >>
Ministry of Economic Development
Summary of Submissions
NZCIA submission to the Ministry of Economic
Development discussion document
"Review of Financial Products and Providers":
Captive
Insurance Companies >>
Business Law Reform Bill:
Review of Financial Products and
Providers: Discussion Documents:
Decision Making in Uncertain Times
3rd
National Conference on Risk Management >>
www.risksociety.org.nz
Reinsurance
Overview. This document discusses the evolving shape of the
international reinsurance market >>
Willis June 2006
A
captive audience - The slowing growth in new captive formations
does not mean risk managers’ enthusiasm for this form
of risk transfer has waned >>
Reactions May 2006
Australian Treasury discussion paper:
Regulation
of Discretionary Mutual Funds and Direct Offshore Foreign
Insurers >>
NZCIA
Response to Australian Treasury discussion paper >>
Captive Insurers - Developing Appropriate
Criteria to Exempt them from Prudential Regulation:
NZCIA
Response to NZ Treasury >>
NZ
Ministry Acknowledgement >>
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