The Reserve Bank of New Zealand (RBNZ) will consult in August on collecting and publishing insurance data.

The industry regulator will hold explanatory seminars for the industry and plans a “practice submission” from insurers before new requirements take effect next year.

The RBNZ has also provided further details of its thematic review of the industry, announced in February.

The review will be in four parts. Selected insurers will be issued a notice listing information required, followed by a “desk-based” review of material collected and meetings with risk committee chairmen between next month and November.

The final stage will be feedback on the findings.

The RBNZ says the review will include the top 10 locally incorporated insurers by gross written premium, “and up to a further 10… comprising different types of insurers, to get representation across the sector”.

The aim is to assess the quality of risk governance.