The Reserve Bank has published its September insurance industry licensing update. The update contains:
- a summary of the Reserve Bank's prioritisation framework for assessing applications for full licences;
- comments on the deferral of conditions relating to the establishment of statutory funds;
- comments on the classification of life insurance business into related product groups for solvency calculations;
- guidance on the return of deposits;
- guidance on amending fit and proper policies and risk management programmes;
- comments on the auditing of solvency returns, s78 reports and financial reinsurance.
A copy of the update is available here.