New Zealand: Financial Sector Assessment Program: Detailed Assessment of Observance-Insurance Core Principles

International Monetary Fund

No 2017/121, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and enhancement of regulatory reporting by insurers are limited, which compromises effective off-site supervision, macroprudential analysis, and publication of aggregate information on the market. The Reserve Bank of New Zealand should focus in regulation and supervisory work on setting standards on corporate governance, risk management, and internal controls. It should assess risk in these areas to promote the effectiveness of insurers’ governance.

Keywords: ISCR; CR; life insurer; risk management; life insurance; solvency standard; insurance sector; insurance broker; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial statements; Australia and New Zealand (search for similar items in EconPapers)
Pages: 129
Date: 2017-05-12
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