Insurers are to raise concerns about quarterly data reporting requirements proposed by the Reserve Bank of New Zealand (RBNZ).

An RBNZ consultation paper outlines plans for new data collection rules that could take effect by the middle of next year. Industry submissions are due on Wednesday.

“That introduces additional sets of reporting requirements that we are keen to see pared back,” Insurance Council of New Zealand (ICNZ) CEO Tim Grafton told insuranceNEWS.com.au.

The industry currently collects detailed information on a six-monthly and annual basis, he says.

ICNZ will also consult with members on proposed amendments to solvency standards for the insurance and banking sectors, after attending an RBNZ seminar on the changes last week.

“Generally it was a positive exchange,” Mr Grafton said. “They recognise there are significant differences between the two financial sectors, but where there are some obvious commonalities, they will look for consistencies.”

Proposals include changes to the asset risk capital charge, a revised definition of capital and enhanced disclosure requirements.

The RBNZ says it will take account of international insurance standards, including those overseen by the Australian Prudential Regulation Authority.

Submissions on the solvency standards are due by November 3.