All insurers must be licensed by the Reserve Bank of New Zealand and listed on a register of licensed insurers, which the Reserve Bank holds.
Applying for a licence
If you're an entity that intends to carry on insurance business in New Zealand must apply to the Reserve Bank for a licence and satisfy conditions under the Insurance (Prudential Supervision) Act 2010 .
The Reserve Bank's role
The Reserve Bank regulates and supervises all licensed insurers in New Zealand and is responsible for administering the Insurance (Prudential Supervision) Act 2010.
The Reserve Bank maintains the register of insurers who are licensed to carry on insurance business in New Zealand.
Links to the Reserve Bank website
- Oversight of insurers
- Licensing and guidance for insurers
- Register of licensed insurers in New Zealand
After you're licensed as an insurer
All insurers are required to be registered on the Financial Service Providers Register (FSPR) and must file an annual confirmation, and pay the associated fee and levies. The amount of levy you pay as a licensed Insurer depends on your annual gross premium revenue (GPR).
As a licensed insurer, the FMA levies you pay come under Class 3 or Class 3A of the Financial Markets Authority (Levies) Amendment Regulations 2017.
- Class 3A applies if the insurer is also licensed for the market service of acting as a financial institution
- Class 3 applies if the insurer is not licensed for the market service of acting as a financial institution.