IMF Staff Country Reports

New Zealand: Financial Sector Assessment Program: Detailed Assessment of Observance-Insurance Core Principles

Publication Date:

May 12, 2017

Electronic Access:

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Summary:

This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and enhancement of regulatory reporting by insurers are limited, which compromises effective off-site supervision, macroprudential analysis, and publication of aggregate information on the market. The Reserve Bank of New Zealand should focus in regulation and supervisory work on setting standards on corporate governance, risk management, and internal controls. It should assess risk in these areas to promote the effectiveness of insurers’ governance.

Series:

Country Report No. 2017/121

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Financial institutions Financial sector policy and analysis Financial statements Insurance Insurance companies Public financial management (PFM) Solvency