The Reserve Bank of New Zealand (RBNZ) is to request annual supplementary reports of foreign insurance business conducted by New Zealand insurers.

The decision follows a consultation held last month.

Manager Insurance Oversight Peter Brady says the reports will “assist our supervision, including our home supervisor obligations”.

“We received limited submissions but… the feedback was supportive and also assisted our clarification of how the reporting may work in practice,” Mr Brady said.

The reports will be limited to New Zealand-incorporated insurers with foreign insurance or inward reinsurance business exceeding $NZ10 million ($8.97 million) and 10% of total insurance business.

Reporting starts from September 30 and is in addition to other information required from insurers.

The RBNZ has published the insurer foreign business return here.