Insurance regulator the Reserve Bank of New Zealand (RBNZ) has introduced a priority system for the 100 or so insurers that need to gain a full licence under a new insurance regulatory system.

The RBNZ has issued 99 provisional and five full licences so far and given a deadline of September 7 next year for all insurers to have a full licence.

As it moves the provisional insurers towards a full licence, it has adopted a system that gives priority to large insurers, companies with non-standard licence conditions and those that might be “under stress”.

The bank says the system will not determine the order in which licences are granted, but provides direction for its supervisors who are making the assessments.

It says insurers should be making plans to meet requirements given under their provisional licences.

Insurers have to provide a “fit and proper” certificate for new directors. The RBNZ says some have given insufficient detail.