The Reserve Bank of New Zealand has opened consultation on an exposure draft bill to amend the Insurance (Prudential Supervision) Act 2010 (IPSA), seeking technical feedback to ensure the changes work in practice and reflect Cabinet’s policy decisions made last year. The draft bill is intended to modernise New Zealand’s insurance regulation and align it more closely with international practice. It would enhance the RBNZ’s regulatory approach by moving to a clearer, more transparent rules-based framework, including expanding the range of standards the RBNZ can issue, and by introducing a proportionality principle that would require publication of a framework showing how regulation is tailored to the size and nature of different insurers. Consultation is open for 12 weeks and closes on 7 July, with the bill expected to be introduced to the House of Representatives in 2027.
Reserve Bank of New Zealand 2026-04-15
Reserve Bank of New Zealand opens 12-week consultation on draft bill to modernise insurance prudential supervision
The Reserve Bank of New Zealand has opened consultation on an exposure draft bill to amend the Insurance (Prudential Supervision) Act 2010, seeking technical feedback to ensure the changes are workable and reflect prior Cabinet policy decisions. The bill would modernise insurance regulation, align it more closely with international practice, expand the standards the Reserve Bank can issue, and introduce a proportionality principle requiring publication of a framework for tailoring regulation to insurers’ size and nature.