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​Chapman Tripp comments on the Insurance (Prudential Supervision) Act.

A spit shine for the Insurance (Prudential Supervision) Act

02 October 2013

Insurers will have four months to file their interim financial statements under an amendment last week to the Insurance (Prudential Supervision) Act 2010. This is shorter than the five months currently allowed but longer than the three months which was initially proposed and would have aligned IPSA with the Financial Reporting Bill, now awaiting its third reading. We expect that this Bill will be similarly amended during the committee stages in the House.

Insurance company directors - are you match fit for the new regime?

16 March 2012

The Insurance (Prudential Supervision) Act, which came into full force on 7 March, contains a range of new risks and liabilities for issuers and their directors.

Will you need a licence under new Insurance (Prudential Supervision) Act?

04 October 2010

Anyone carrying on insurance business in New Zealand will be under the Reserve Bank’s supervision and will need to be licensed and comply with a number of ongoing prudential requirements under the new Insurance (Prudential Supervision) Act. Insurers have a transitional period of three years to fully comply with the Act’s provisions. This Brief Counsel gives a timeline of key dates for each step of the licensing process.

Key changes to the Insurance (Prudential Supervision) Bill

30 October 2009

The Insurance (Prudential Supervision) Bill, tabled in Parliament this week, has been improved through the Reserve Bank consultation process. A number of the issues industry identified have been addressed but there is still some “unfinished business”. There will be a further opportunity to pursue change through submissions to the select committee. This advisory note identifies the principal changes and some of those areas where we consider there is room for further improvement.

Draft Insurance (Prudential Supervision) Bill released

05 May 2009

The Reserve Bank has released the draft Insurance (Prudential Supervision) Bill for limited consultation before the Bill’s formal introduction to Parliament. This Brief Counsel provides an overview of the Bill.