This notice is given pursuant to section 236 of the Insurance (Prudential Supervision) Act 2010.

N o t i c e

1. Title and commencement—(1) This amendment standard* may be cited as the Solvency Standard for Captive Insurers Transacting Non-life Insurance Business (“Standard”) and comes into force on 17 December 2014.

(2) The Standard has the status of a disallowable instrument for the purposes of the Legislation Act 2012 and is amended under section 236 of the Insurance (Prudential Supervision) Act 2010.

2. Description—The Standard specifies the capital requirements for licensed captive insurers carrying on non-life insurance business, methods for calculating and reporting solvency and related matters of a licensed insurer, and disclosure of solvency-related information. The amendment makes the standard applicable to licensed captive insurers carrying on non-life insurance business only if the standard applies to the licensed captive insurer under a condition of the insurer’s licence.

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

http://www.rbnz.govt.nz/regulation_and_supervision/insurers/regulation/5969201.pdf

Dated this 17th day of December 2014.

GRAEME WHEELER, Governor, Reserve Bank of New Zealand.

*New Zealand Gazette, 28 March 2013, No. 38, page 1150