in Run-off
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 Non-life Insurance Business in Run-off (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 non-life insurers in run-off, methods for calculating and reporting solvency and related matters of a licensed non-life insurer in run-off, 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/4732162.pdf
Dated this 4th day of April 2012.
GRANT SPENCER, Deputy Governor, Reserve Bank of New Zealand.