Dated at Wellington this 26th day of May 2009.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on its notification in the Gazette and expires on 31 May 2014, exempts the directors of American International Assurance Company (Bermuda) Limited (AIAB) from various provisions of the Financial Reporting Act 1993 (the Act).
AIAB is incorporated in Bermuda. The Bermuda Monetary Authority currently allows AIAB to file accounts prepared and audited in accordance with the provisions of Hong Kong law in place of those usually required under the Insurance Act 1978 of Bermuda. The exemptions apply only if this continues to be the case.
The effect of the exemptions is to provide relief to the directors of AIAB from the preparation, content, auditing, and filing requirements of the Act. The exemptions are granted on condition that AIAB prepares and publicly files financial statements that it is required to prepare under the financial reporting requirements of Hong Kong.
The Securities Commission considers that it is appropriate to grant the exemptions because—
AIAB publishes audited financial statements in accordance with International Financial Reporting Standards as adopted by Hong Kong. As of 1 January 2007, for financial reports published after that date, New Zealand has also moved to a regime based on International Financial Reporting Standards as its generally accepted accounting practice: