Details

  • Service: Audit, Advisory, Accounting Advisory Services
  • Industry: Financial Services, Insurance
  • Type: Regulatory update
  • Date: 14/11/2011

Contact us

 Elaine Hultzer

Elaine Hultzer

Partner - Audit, Financial Services

+64 9 363 3228

ehultzer@kpmg.co.nz

Insurance

We have a wealth of client experience and relationships with many of the major market players.

Insurance update - November 2011 

This year’s insurance update looks at the performance of the New Zealand general insurance industry, providing an overview of the private sector’s performance over the past year.

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Articles

 

  • Government involvement in the insurance sector, through the Earthquake Commission, and other countries’ governments as “insurers of last resort”, together with some of the complexities surrounding material damage and business interruption claims.

 

  • Key tax matters which policyholders may be facing as a result of the earthquakes.

 

  • A brief overview of tools required for preparing for the “new norm”.

 

  • Looking forward to the Insurance Prudential Supervision regime, we discuss the impact of
    the final Solvency Standard, released by the Reserve Bank of New Zealand in October 2011.

 

  • As well as the solvency requirements, once licensed, insurers will also need to comply with governance and risk management requirements, amongst others. We explore what has occurred in other jurisdictions and extract the key learnings where governance and risk management activities have been described as being ineffective.
 
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