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 Civic Assurance (“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 the New Zealand Local Government Insurance Corporation Limited (“Civic Assurance”), methods for calculating and reporting solvency and related matters of Civic Assurance, and disclosure of solvency-related information. The amendment makes the standard applicable to Civic Assurance only if the standard applies to Civic Assurance under a condition of the Civic Assurance’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/5969198.pdf

Dated this 17th day of December 2014.

GRAEME WHEELER, Governor, Reserve Bank of New Zealand.

*New Zealand Gazette, 5 September 2013, No. 124, page 3462