The Reserve Bank of New Zealand (RBNZ) will hold forums in Auckland and Wellington next month to discuss its review of the Insurance Prudential Supervision Act 2010.

RBNZ representatives will give a brief introduction to an issues paper, followed by a question and answer session and further discussion.

Consultations will pave the way for release of potential options, but any new law will not be enacted until next year at the earliest.

The review follows an International Monetary Fund examination of New Zealand’s financial system, including an assessment of the insurance sector’s regulatory and supervisory framework compared with global guidance.

The central bank says the IMF findings are due to be published in the second quarter this year and RBNZ will factor them into its analysis “to the extent they are appropriate” for New Zealand.

The first forum will be held at Rydges Auckland in Federal Street on May 22, while the Wellington event is at the Reserve Bank Museum on May 24.

Submissions on the issues paper are due by June 30.