The Reserve Bank of New Zealand (RBNZ) has reviewed submissions received during its consultation on the collection of insurer data.

In August the RBNZ announced its intention to establish a regular collection from licensed insurers, to assist in its role as industry regulator.

Some 32 submissions were made – 24 from insurers, four from representative organisations and four from other stakeholders.

The RBNZ says licensed insurers with gross annual premium above $NZ50 million ($46.03 million) and/or total assets of more than $NZ500 million ($460.29 million) must report basic financial and exposure data quarterly.

All licensed insurers must report financial, exposure and solvency data every six months.

In response to submissions the RBNZ has delayed introduction of the regime, with practice submissions to start early next year instead of this year.

A voluntary practice submission is planned for February, followed by the compulsory practice in May. Workshops will be held to help insurers through the process.

The RBNZ wants further comments before December 12.