The Reserve Bank of New Zealand (RBNZ) has released a draft interim solvency standards (ISS) to apply from 1 January 2023 so that it can work with NZ IFRS 17 Insurance Contracts (NZ IFRS 17) reporting. How will insurers in New Zealand be impacted by these proposed changes?
This latest report looks at the key changes outlined by RBNZ, including:
Practical implications for general model cash flows, product groupings, acquisition cash flows and risk adjustment.
Potential capital impacts for life, general and health insurers.
Items where further clarification may be required.
If you have any questions or would like to know more, please get in touch.
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