Insurance (Prudential Supervision) Act 2010

• Jurisdiction: New Zealand
• Reference: 2010 No 111
• Citation: 2010 No 111
• Record Number: DLM2478100
• Act Number: 111
• Type of Document: Act

Contenidos

• Insurance (Prudential Supervision) Act 2010
• Contents
• 1 Title
• 2 Commencement
• Part 1
• 3 Purposes
• 4 Principles to be taken into account under this Act
• 5 Overview
• 6 Interpretation
• 7 Meaning of contract of insurance
• 8 Meaning of carrying on insurance business in New Zealand
• 9 Bank may declare that person is not carrying on insurance business in New Zealand in certain circumstances
• 10 Meaning of associated person and holding entity
• 11 Application of Act to friendly societies
• 12 Bank's functions under Act
• 13 Bank must have regard to directions about Government policy objectives
• 14 Act binds the Crown
• Part 2
• Part 1
• 15 Persons that carry on insurance business in New Zealand must be licensed
• 16 Offence for person who is not licensed insurer to hold itself out to be licensed insurer
• 17 Application for licence as insurer
• 18 Applicant must provide fit and proper policy, fit and proper certificate, and risk management programme
• 19 Entitlement to licence
• 20 Carrying on business in prudent manner
• 21 Conditions of licence
• 22 Bank may modify conditions of licence
• 23 Offence to fail to comply with conditions of licence
• 24 Licensed insurer must report likely failure to comply with solvency margin imposed under licence conditions
• 25 Bank must notify applicant of decision and give notice on register
• 26 Bank must be notified before control is obtained
• 27 Bank must be notified before corporate form is changed
• 28 Bank must consider whether it is still satisfied as to licensing matters
• 29 Offence to fail to notify or provide information
• 30 Cancellation of licence
• 31 Assignment of liabilities to enable cancellation
• 32 Bank's approval of assignment
• 33 Effect of assignment
• 34 Licensed insurer must be subject to fit and proper policy for directors and relevant officers
• 35 Group fit and proper policy
• 36 Fit and proper standards
• 37 Licensed insurer must provide fit and proper certificate for new directors or relevant officers or if Bank requires certificate
• 38 Bank may exempt overseas insurers from compliance with section 37(1)
• 39 Power to remove directors and relevant officers
• 40 How power to remove is exercised
• 41 Former director or relevant officer must not accept reappointment in breach of direction
• 42 Appeals from Bank's decision
• 43 Appeal to Court of Appeal on question of law
• 44 Transfers and amalgamations must be approved
• 45 Request for approval
• 46 Actuarial or other report on transfer or amalgamation proposal
• 47 Costs of report
• 48 Bank must have regard to certain matters in considering request
• 49 Bank's decision on approval
• 50 Offence to fail to comply with conditions of approval
• 51 Requirement for approval is in addition to requirements under other enactments
• 52 Transfer or amalgamation not invalidated
• 53 Effect of assignment for purposes of approved transfer
• 54 Publication of policies
• 54A Register
• Part 2
• 55 Bank may issue solvency standards
• 56 Matters that may be contained in solvency standards
• 57 Offence to fail to comply with reporting and disclosure requirements
• 58 Incorporation by reference
• 59 Bank may exempt overseas insurers from compliance
• 60 Licensed insurer must have current financial strength rating
• 61 Financial strength rating must refer to overseas policyholder preference
• 62 Bank may approve rating agencies
• 63 Licensed insurer must notify Bank of change in rating or credit watch warning
• 64 Disclosure of current rating to policyholder
• 65 Disclosure by insurers not required to be rated
• 66 Policyholder may cancel if disclosure is not made
• 67 Disclosure of rating on licensed insurer's Internet site
• 68 Other advertising of ratings
• 69 Licensed insurer must give public notice of downgrade or notice to policyholders
• 70 Licensed insurer must not disclose or advertise ratings from non-approved agencies...