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 Variable Annuity Business 2015 (“Standard”) and came into force on 10 April 2015.

(2) The Standard has the status of a Disallowable Instrument for the purposes of the Legislation Act 2012 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 carrying on variable annuity business, 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:

1. at the head office of the Reserve Bank of New Zealand, 2 The Terrace, Wellington; and
2. on the Reserve Bank of New Zealand’s website at

www.rbnz.govt.nz/regulation_and_supervision/insurers/regulation/solvency-standard-variable-annuity-business.pdf

Dated this 10th day of April 2015.

GRANT SPENCER, Deputy Governor, Reserve Bank of New Zealand.