Governance, Risk and Compliance – The New Zealand Insurance Industry
Timetric’s 'Governance, Risk and Compliance – The New Zealand Insurance Industry' report is the result of extensive research into the insurance regulatory framework in New Zealand.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in New Zealand, including:
- An overview of the insurance regulatory framework in New Zealand.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in New Zealand.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Reasons To Buy
- The report covers details of the insurance regulatory framework in New Zealand.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
- Gain insights into the insurance regulatory framework in New Zealand.
- Track the latest regulatory changes, and expected changes impacting the New Zealand insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
- RBNZ supervises and regulates the country’s insurance industry.
- The Insurance (Prudential Supervision) Act 2010 is the principal act regulating the insurance industry in New Zealand.
- Composite insurance is not permitted in the New Zealand insurance industry.
- Non-admitted insurance is not permitted in New Zealand.
- New Zealand’s current insurance legislation does not mandate any compulsory insurance.
- Life insurance products are exempt from GST; non-life insurance products are subject to GST at a rate of 15%.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table New Zealand - Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulations
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table New Zealand - Life Insurance Regulatory Framework
- Property insurance
- Table New Zealand - Property Insurance Regulatory Framework
- Motor insurance
- Table New Zealand - Motor Insurance Regulatory Framework
- Liability insurance
- Table New Zealand - Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Liability insurance for maritime oil pollution
- Insurance for clinical trials
- Medical insurance for international students
- Supervision and Control
- International Association of Insurance Supervisors (IAIS)
- Reserve Bank of New Zealand
- Insurance Council of New Zealand
- Non-Admitted Insurance Regulations
- Market practices
- Fines and penalties
- Company Registration and Operations
- Types of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Table New Zealand - Capital Requirements for Establishment of Insurance Companies
- Solvency margins
- Reserve requirements
- Investment regulations
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxation
- Withholding taxes on premium paid overseas
- Corporate tax
- Table New Zealand - Corporate Taxes for Financial Year 2015
- Legal System
- Access to court
- Alternative dispute resolution (ADR)
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