Insurance

The New Zealand Insurance industry is now heavily regulated by The Reserve Bank of New Zealand under the Insurance (Prudential Supervision) Act 2010 (Act).

Every licensed insurer is required to have a Fit and Proper Policy in relation to determining the appropriateness of its directors and relevant officers. The fit and proper policy forms part of the insurer’s risk management programme.

The board of directors and relevant officers hold the primary responsibility for ensuring that an insurer is suitably managed and directed. These guidelines relate to the process a licensed insurer must undertake when determining fitness and propriety of its directors and relevant officers (including its appointed actuary).
 
It is of paramount importance to the Reserve Bank that members of the board of directors and relevant officers of an insurer have integrity and are suitable as these individuals can have significant and direct impact on the safety, soundness and reputation of the insurer.

The Fit and Proper Standard are the factors that a licensed insurer must take into account when determining a person’s fitness and propriety for a defined position.  Each of these matters must be reviewed with respect to conduct both within and outside of New Zealand.

Resumé Check Limited offers its clients an ambit of screening products essential for background screening board members, trustees, actuaries, customers, senior management and current and new employees.  We have already completed major screening projects for leading general and life (public and private) insurance companies in New Zealand.
 
Click here to contact us to discuss how we can help you to meet your compliance obligations under the Fit and Proper regulatory requirements.