Insurance (Prudential Supervision) Act 2010

If you need more information about this Act, please contact the administering agency: Reserve Bank of New Zealand

Part 1 Preliminary provisions

Purposes and principles

3 Purposes


The purposes of this Act are to—


promote the maintenance of a sound and efficient insurance sector; and


promote public confidence in the insurance sector.


Those purposes are achieved by—


establishing a system for licensing insurers; and


imposing prudential requirements on insurers; and


providing for the supervision by the Reserve Bank of New Zealand (the Bank) of compliance with those requirements; and


conferring certain powers on the Bank to act in respect of insurers in financial distress or other difficulties.