Deloitte New Zealand Survey of Insurers
Smooth sailing ahead?
In 2011, Deloitte undertook a survey that covered the Insurance Prudential Supervision Act (“IPSA”) as companies applied for their provisional licences. The survey showed companies were confident they would be able to comply with the Act, but there were some areas that stood out as looming issues.
Looking back, those issues included solvency and capital, development of a risk management programme, statutory funds and changes to the board of directors. Now that the transition is over, and regulation under the IPSA has become “business as usual”, Deloitte conducted a follow-up survey to understand how the industry is responding to, and perceiving, the new regulation.
We explored, among other things the:
- impact and costs of compliance, both within companies and industry-wide;
- communicating with the regulator, the Reserve Bank of New Zealand; and
- the role of the Appointed Actuary in the financial management of insurers.