Reclassification of assets under IFRS 9 will enable insurers to mitigate the effects of rate hikes on their financial ratios.
October 14, 2022The interim standard will come into force on 1 January 2023. The RBNZ is also consulting on the penalties and enforcement tools it has available for supervising insurers.
March 11, 2022The inclusion of risk adjustments in insurance liabilities is expected to increase capital requirements for life insurers.
July 27, 2021The foreign exchange position limit of insurance companies will be increased from 20 percent to 30 percent of the total adjusted capital.
March 17, 2021The policy plans include measures to promote digital insurance products and establish standards for online platform services, among other measures.
March 6, 2021The FSC's 2021 policy agenda for the financial sector will include measures to bolster risk management while also strengthening competitiveness and facilitating digital innovation.
February 8, 2021The FSC will set up a task force charged with drawing up legislative revisions to reflect changes in IFRS 17 and prepare for implementation in 2023.
December 3, 2020The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.
December 3, 2020A failure to update the frameworks would result in insurers needing to maintain dual valuation, actuarial, accounting and reporting systems, APRA says.
November 26, 2020