This notice is given pursuant to section 36 of the Insurance (Prudential Supervision) Act 2010.
N o t i c e
1. Title and commencement-(1) This standard may be cited as the Fit and Proper Standard for licensed insurers (the "Standard") and shall come into force the day after its notification in the New Zealand Gazette.
(2) This Standard has the status of a regulation for the purposes of the Regulations (Disallowance) Act 1989.
2. Description-This Standard specifies the matters that are relevant to the consideration of whether a person is fit and proper to be appointed to, and continue to hold, a position as director or relevant officer of a licensed insurer.
3. Availability-The Standard is available for inspection:
(a) at the head office of the Reserve Bank of
New Zealand, 2 The Terrace, Wellington; and
(b) on the Reserve Bank of New Zealand’s website
www.rbnz.govt.nz/finstab/insurance/4434500.pdf
Dated this 20th day of June 2011.
GRANT SPENCER, Deputy Governor, Reserve Bank of
New Zealand.