New Zealand Insurance Industry – Governance, Risk and Compliance
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New Zealand Insurance Industry Regulation Overview
The Reserve Bank of New Zealand (RBNZ) regulates the New Zealand insurance industry. The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and The Insurance Council of New Zealand (ICNZ).
The New Zealand Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Reserve Bank of New Zealand (RBNZ)
· International Association of Insurance Supervisors (IAIS) · Insurance Council of New Zealand (ICNZ) |
Compulsory Insurances | · Motor third-party Liability Insurance
· Marine Liability Insurance · Social Security Insurance · Professional indemnity insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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New Zealand Insurance Industry – Key Regulators and Legislation
Reserve Bank of New Zealand (RBNZ): The government of New Zealand has wholly owned the RBNZ since 1936. The RBNZ established in 1934, is New Zealand’s central bank and its main aim is to promote a sound and dynamic monetary and financial system in the country.
International Association of Insurance Supervisors (IAIS): The IAIS formulates and issues global insurance principles, standards, and guidance. It provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. It works closely with other financial standard-setting bodies and international organizations to promote financial stability.
A few of the other legislations governing the industry are:
- Insurance Reform Act, 1977 and 1985
- Marine Insurance Act 1908
- Fire Service Act 1975
- Civil Aviation Act 1990
Buy the Full Report for More Insights into the Key Regulators in the Insurance Industry of New Zealand
New Zealand Insurance Industry - Compulsory Insurance
A few of the key compulsory insurance required within the New Zealand insurance industry are:
- Motor third-party Liability Insurance
- Marine Liability Insurance
- Social Security Insurance
- Professional indemnity insurance
New Zealand Insurance Industry Analysis by Compulsory Insurances
Buy the Full Report for More Insights into Compulsory Insurance in the New Zealand Insurance Industry
New Zealand Insurance Industry - Company Registration and Operation
All insurers intending to carry out business in New Zealand to obtain a license from the RBNZ. To perform mediation activities in the country, intermediaries are required to obtain a license from the RBNZ and register with the Registrar of Financial Service Providers.
Buy the Full Report to Learn More about Company Registration and Operation in the New Zealand Insurance Industry
New Zealand Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in New Zealand. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is considered resident if is established in, has its management in, or has its center of management in New Zealand. Resident companies are taxed on their worldwide income, while non-resident companies are taxed on income sourced from New Zealand. However, the method of determination of corporate income tax is different for life insurance companies.
Buy the Full Report to Know More about the Taxation Policies in the New Zealand Insurance Industry
Scope
This report provides:
- Details of the insurance regulatory framework in New Zealand.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Financial Services Agency and the Local Finance Bureau of the Ministry of Finance regulate the New Zealand insurance industry.
- 100% FDI is permitted in the New Zealand insurance industry.
- Composite insurance is not permitted in New Zealand, however, both life and non-life insurers are permitted to operate accident and health insurance businesses.
- Non-admitted insurance is not permitted in the New Zealand insurance industry, with a few exceptions.
- Automobile liability, workers’ accident compensation, and nuclear risk liability are compulsory classes of insurance.
Reasons to Buy
- Get insights into the insurance regulatory framework in New Zealand.
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the New Zealand insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices on various types of insurance products.
Table of Contents
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Frequently asked questions
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Which is the key regulator of the New Zealand insurance industry?
The Reserve Bank of New Zealand (RBNZ) is the key regulator of the New Zealand insurance industry.
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Which are the other bodies that oversee operations in the New Zealand insurance industry?
The International Association of Insurance Supervisors (IAIS) and The Insurance Council of New Zealand (ICNZ) oversee the New Zealand insurance industry.
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Which are the compulsory insurances required within the New Zealand insurance industry?
A few of the compulsory insurances required within the New Zealand insurance industry are motor third-party liability insurance, marine liability insurance, social security insurance, and professional indemnity insurance among others.
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What are the types of taxes imposed upon the New Zealand insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in New Zealand. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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