The Reserve Bank of New Zealand (RBNZ) has reported the identification of a “small number of minor errors” in the Interim Solvency Standard 2023 for insurance companies operating in the country.
To address this, the bank has taken steps to issue an amendment standard to correct the errors. RBNZ also eased the sign-off requirements for solvency returns, meaning that signatories can be specified by the conditions of an insurer’s license.
According to a news release, stakeholders’ due diligence has also led to the awareness of additional issues with the insurance solvency standard. These issues will be addressed over the coming months through consultations and a further amendment to be issued at a later date. RBNZ also said that this amendment will take priority over stage two of the solvency review.
This is the first amendment of the standard following its official release on Oct. 3, 2022. Earlier this year, the bank also announced the discontinuation of two Quarterly Insurance Survey publications as insurance companies transition to the new international financial reporting standards.
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