RBNZ plans to have interim insurance solvency standard by Jan 2023

Wed, 09 Mar 2022

The Reserve Bank said an interim solvency standard for insurance companies will come into force from Jan 1, 2023 and it expects to have a final solvency standard in force from 2025.The interim standard, which determines the minimum amounts of capital that insurers must hold, is needed to take account of changes to accounting standards on measuring insurance contracts.The International Financial Reporting Standard (IFRS) 17 requires that insurance contracts must be measured using updated estimates and assumptions that reflect the timing of cash...

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