The Reserve Bank of New Zealand has licensed 105 insurers under its new Insurance (Prudential Supervision) Act 2010, which took effect on March 7.

The Reserve Bank is responsible for the prudential supervision of insurers, and most insurers have so far only obtained a provisional licence to operate. However, Chartis, RGA Reinsurance and GE subsidiary Hallmark General Insurance have been granted full licences.

The group includes three insurers in run-off and one in receivership.

The provisional licences expire on September 7 and then only insurers with a full licence will be allowed to write insurance business in New Zealand.

Insurance Council of New Zealand CEO Chris Ryan says all council members received licences and the process has gone smoothly.

Although there have been reports that some insurers failed the criteria to get a licence, he says the council is not aware of any. But there may have been companies which had ceased trading that did not apply for a licence.