The Reserve Bank of New Zealand (RBNZ) has updated its guidelines for insurer data collection.

Most of the changes are minor or “clarifying in nature” with the exception of the Insurer Return and Quarterly Insurer Survey changes in respect to the tax component of policy liabilities under life insurance methods.

“The current reporting of policy liabilities is inconsistent between insurers and is generally unclear,” the RBNZ says. “The change requires life insurers that separately report tax components of policy liabilities in their financial statements or alternative financial information to also record these separately in the returns.”

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