New Zealand Captive Insurance Association
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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 >>

Wairau Valley SpecialThe 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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