This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, make amendments to the Insurance (Prudential Supervision) Regulations 2010 to take into account certain provisions of the Financial Reporting Act 2013 (and associated financial markets legislation) coming into force on that date.
The amendments relate to the provisions in the regulations that concern exemptions for small insurers and, in particular, the manner in which the annual gross premium income of an insurer is determined. The amendments replace certain financial reporting concepts with concepts that are consistent with the Financial Reporting Act 2013 (and associated financial markets legislation). For example, references to a statement of financial performance have been replaced with references to financial information that is prepared so as to take into account relevant financial statements and accounting records.
Date of notification in Gazette: 27 February 2014.
These regulations are administered by the Reserve Bank of New Zealand.