The Reserve Bank of New Zealand has dismissed calls for its review of the Insurance (Prudential Supervision) Act 2010 to be carried out by an independent body.

The regulator published an issues paper in March and received 42 submissions, some of which suggest it should not lead the process.

But it “does not see a strong case” for an independent review.

“The current review is being undertaken by the Reserve Bank under terms of reference agreed by Cabinet,” it says.

“The review will be completed transparently and with wide consultation. Any legislative changes recommended from the review will happen only with due parliamentary process.”

A final options paper should be published in mid-2019.

The central bank has also released a consultation paper on audit requirements for insurer data returns. The paper sets out the rationale for reconsidering audit requirements, the bank’s proposal and possible alternatives, and a discussion of costs and benefits.

Interested parties should provide comments by 5pm on December 16. Click here.