Chapman Tripp comments on 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.
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.
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.
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.
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.