Notice of Issuance of the Interim Solvency Standard Amendment Standard 2024
This notice is given under sections 55(1) and 233(b) of the Insurance (Prudential Supervision) Act 2010.
(1) The purpose of this notice is to notify the issuance of the Interim Solvency Standard Amendment Standard 2024 (“Standard”).
(2) The Standard comes into force on 1 March 2025.
(3) The Standard is secondary legislation for the purposes of the Legislation Act 2019—
(a) in accordance with section 233(b) of the Insurance (Prudential Supervision) Act 2010; and
(b) issued under section 55(1) of the Insurance (Prudential Supervision) Act 2010.
The Standard corrects errors identified in the Interim Solvency Standard 2023 (“Principal Standard”). The Interim Solvency Standard Amendment Standard 2024 is designed to restore the policy intent of the Principal Standard, without introducing new policy or increasing capital requirements beyond those originally intended.
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 https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-insurers/standards-and-requirements-for-insurers.
Copies are also available for purchase on request to the Reserve Bank of New Zealand at 2 The Terrace, Wellington.
Dated this 21st day of January 2025.
CHRISTIAN HAWKESBY, Deputy Governor, Reserve Bank of New Zealand.