New Zealand: Financial Sector Assessment Program: Detailed Assessment of Observance-Insurance Core Principles

May 12, 2017

Preview Citation

Format: Chicago

New Zealand: Financial Sector Assessment Program: Detailed Assessment of Observance-Insurance Core Principles, (USA: International Monetary Fund, 2017) accessed November 21, 2024

Summary

This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and enhancement of regulatory reporting by insurers are limited, which compromises effective off-site supervision, macroprudential analysis, and publication of aggregate information on the market. The Reserve Bank of New Zealand should focus in regulation and supervisory work on setting standards on corporate governance, risk management, and internal controls. It should assess risk in these areas to promote the effectiveness of insurers’ governance.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial institutions, Financial sector policy and analysis, Financial statements, Insurance, Insurance companies, Public financial management (PFM), Solvency

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Australia and New Zealand, CR, Financial statements, Insurance, Insurance broker, Insurance companies, Insurance sector, ISCR, Life insurance, Life insurer, Risk management, Solvency, Solvency standard

Publication Details

Pages:

129
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/121
Stock No:

1NZLEA2017009
ISBN:

9781475599954
ISSN:

1934-7685

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