Insurance (Prudential Supervision) Regulations 2010

Reprint as at 1 April 2014

Insurance (Prudential Supervision) Regulations 2010

(SR 2010/454)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 13th day of December 2010

Present:
His Excellency the Governor-General in Council


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

These regulations are administered by the Reserve Bank of New Zealand.


Pursuant to sections 237 and 238 of the Insurance (Prudential Supervision) Act 2010, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, and on the advice of the Minister of Finance given in accordance with a recommendation of the Reserve Bank of New Zealand, makes the following regulations.

Contents

1 Title

2 Commencement

3 Interpretation

4 Status of examples

Prescribed jurisdictions

5 Prescribed jurisdictions for purposes of certain provisions

Fit and proper policy requirement

6 Fit and proper policies must require reassessments every 3 years

Overseas policyholder preferences

7 Financial strength rating must refer to overseas policyholder preference

8 Disclosure of overseas policyholder preference by overseas insurer

Exemptions for small insurers

9 Exemptions relating to licence requirements

10 Conditions of exemptions relating to licence requirements

11 Exemptions relating to ongoing requirements

12 Conditions of ongoing exemptions

13 Exemption ceases to apply after $1.5 million limit is exceeded

Class of contracts declared not to be life policies

14 Certain credit insurance contracts are not life policies

Statutory funds: General matters

15 Notice to Bank when statutory fund established

16 Transfer of assets on establishment

17 Unsecured borrowing

18 Investment of assets in associated persons of life insurer

19 Recording of restricted investments

20 Requirements for transfer of life policies between statutory funds by endorsement

Statutory funds: Allocation of profits and losses and capital payments

21 Interpretation relating to allocation of profits and losses and capital payments

22 Rules relating to allocation of operating profits and losses

23 Obligation to allocate operating profit or loss

24 Operating profit or loss

25 Allocation of operating profit or loss

26 Basis of allocation of operating profit or loss

27 Distribution of retained profits

28 Distribution of shareholders’ or members' capital

29 Policyholders’ retained profits

30 Shareholders’ or members' capital

31 Shareholders’ or members' retained profits (non-participating)

32 Shareholders’ or members' retained profits (participating)

33 Life insurer must have regard to appointed actuary's advice

34 Aggregate retained profits not to be allocated more than once

Gazette information

Reprint notes