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.