The Reserve Bank of New Zealand wants feedback on its proposals for insurers’ reporting of foreign business.

The regulator proposes collecting additional information from insurers with at least 10% of their total insurance business, of at least $NZ10 million ($9 million), outside the country.

The proposal does not apply to Lloyd’s or overseas insurers operating in New Zealand, nor outwards reinsurance.

The bank says New Zealand has a few insurers with significant amounts of foreign cover, and the standard reporting form does not provide information specific to the risks of that business.

“This current lack of information could have an impact on our supervision of the relevant insurers, and could also hinder our home supervisor obligations with any host insurance supervisors in other jurisdictions.”

The bank has issued a draft reporting form and wants submissions by July 31.