Non-exempt insurers in New Zealand will be required to submit solvency return projections on two bases starting from next month, as part of changes made by the central bank.

The first of the projections must account for capital movements such as dividends, and the other to exclude such factors, the Reserve Bank of New Zealand (RBNZ) says.

Details of the new requirements are contained in paragraph 55 of the Insurer Solvency Return and Guidance Note.

The regulator says the changes will improve the value of information provided by insurers.

RBNZ says it will issue further communication on new accounting standard IFRS17 when a clearer picture of the impact on solvency calculations is available.

The next set of changes to the guidance note will be released early next year in conjunction with updates of the solvency standards.