Changes on the table for the Insurance (Prudential Supervision) Bill

The Insurance (Prudential Supervision) Bill has been reported back to New Zealand Parliament from the Finance and Expenditure Committee with a number of recommended changes. The Committee recommends that discretionary funds be exempted from the Bill, but overseas associations of persons who are insurers be added. They have also attempted to clarify when an overseas insurer/reinsurer is subject to the Bill, but doubts remain.

In the below update we provide a summary of the more important changes.