NZ Reserve Bank issues draft data form
The Reserve Bank of New Zealand has issued a draft insurer return for collecting data from insurers.
Feedback is due by June 5 and the bank aims to finalise requirements in July for reporting to start from September 30.
It proposes the insurer return be completed twice yearly, but says it will reduce this to once at financial year-end for companies of lower risk to the general public, such as reinsurers, captives and companies with the small insurer exemption.
This will reduce compliance costs for about 25 insurers.
The regulator has made other adjustments after insurers told it they were unclear on how to collect and measure the data it sought.