The Reserve Bank of New Zealand used remarks by Deputy Governor Christian Hawkesby at the Insurance Council of New Zealand’s conference to restate its focus on a resilient, efficient, innovative and transparent insurance sector, linking sector performance to consumer outcomes and insurers’ ability to meet obligations when needed. The speech highlighted New Zealand-specific supervisory challenges, including a complex mix of retail and wholesale insurers, foreign parent groups, global reinsurers and government providers, alongside material natural hazard exposures and the growing impact of climate change. The Reserve Bank positioned the review of the Insurance Prudential Supervision Act as a key vehicle for modernising the regulatory regime, and pointed to the Council of Financial Regulators’ insurance forum as a mechanism for regulators to collaborate with industry; it also flagged work to strengthen engagement with insurers, update its regulatory framework and approach, and embed deeper insurance expertise within its leadership.
Reserve Bank of New Zealand 2025-03-04
Reserve Bank of New Zealand reaffirms plan to modernise insurance prudential oversight through the Insurance Prudential Supervision Act review and closer industry engagement
The Reserve Bank of New Zealand, through Deputy Governor Christian Hawkesby's remarks, emphasized its commitment to a resilient and transparent insurance sector, addressing supervisory challenges and climate change impacts. The review of the Insurance Prudential Supervision Act is highlighted as crucial for modernizing the regulatory regime, with efforts to enhance collaboration and regulatory framework updates.