This notice is given pursuant to section 55 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 Solvency Standard for Life Insurance Business (the "Standard") and shall come into force the day after its notification in the New Zealand Gazette.
(2) The Standard has the status of a Regulation for the purposes of the Regulations (Disallowance) Act 1989 and is issued pursuant to section 55 of the Insurance (Prudential Supervision) Act 2010.
2. Description-The Standard specifies the capital requirements for licensed insurers, methods for calculating and reporting solvency and related matters of a licensed insurer, and disclosure of solvency related information.
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 at
www.rbnz.govt.nz/finstab/insurance/4482245.pdf
Dated this 1st day of August 2011.
GRANT SPENCER, Deputy Governor, Reserve Bank of New Zealand.