The Reserve Bank of New Zealand will not include insurance in a major review of prudential regulation.

The decision comes after new insurance regulations were introduced in 2012.

“We feel the insurance regime is too recent to be included,” Deputy Governor Grant Spencer said when announcing details of the review last week.

The bank has licensed 100 insurers and is developing a framework for their day-to-day supervision, he says.

“Our regulatory approach is based upon the three pillars of self, market and regulatory discipline and seeks to combine the international standards and the particular characteristics of the New Zealand insurance sector.”

Mr Spencer says the current review of insurance solvency standards will consider themes of efficiency, clarity and consistency.