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Feedback on Issues Paper

18 Oct 2017

The Reserve Bank has released a feedback statement following the closing of submissions on the Issues Paper: "Review of the Insurance (Prudential Supervision) Act 2010".

The statement acknowledges and welcomes the feedback provided to the Issues Paper, provides a preliminary timetable for Phase 2 of the Review, and outlines how several issues raised by stakeholders that were not discussed in the Issues Paper are being taken forward.

Phase 2: Preliminary Plan

The Reserve Bank views the responses as supporting a comprehensive review. The
Review will give initial priority to the following areas identified in the Issues Paper:

  • Scope of the Act – entities required to be licensed;
  • Overseas insurers;
  • Disclosure and financial strength rating requirements; and
  • Regulatory mechanisms.

The suitability of a merits review framework for some Reserve Bank decisions will begin to be considered within the work on regulatory mechanisms, and may also have some bearing on the enforcement framework.

The full statement including an indicative timeframe and work stream priority for Phase 2 of the Review is available HERE. The order and timing of work streams may change and will depend on a number of factors including, resource availability and competing priorities.

Consultation will occur in stages, but it is expected that any recommendations for legislative change will be taken to Cabinet as a complete package.

The preliminary plan places work streams that are likely to be more complex, or have direct impact on later work streams earlier in the work programme to enable the issues to be appropriately explored and options developed with suitable consultation.

 

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