(1) The purposes of this Act are to—
(a) promote the maintenance of a sound and efficient insurance sector; and
(b) promote public confidence in the insurance sector.
(2) Those purposes are achieved by—
(a) establishing a system for licensing insurers; and
(b) imposing prudential requirements on insurers; and
(c) providing for the supervision by the Reserve Bank of New Zealand (the Bank) of compliance with those requirements; and
(d) conferring certain powers on the Bank to act in respect of insurers in financial distress or other difficulties.