New solvency requirements for insurance companies
The Reserve Bank of New Zealand (RBNZ) has issued new solvency requirements for non-life insurance companies. The purpose of the change is:
A copy of the policy, which is quite detailed in parts, is available from the RBNZ here and the policy position paper here.
The views of the New Zealand insurance industry are reported by insuranceNEWS.com.au here.
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- to protect the government and taxpayers from having to financially support an insurance company as has happened with AMI
- to protect policy holders by requiring insurance companies to have adequate reserves and reinsurance cover
A copy of the policy, which is quite detailed in parts, is available from the RBNZ here and the policy position paper here.
The views of the New Zealand insurance industry are reported by insuranceNEWS.com.au here.
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