News in Brief 


FSC Advice Summit Update 

The organisers behind the upcoming ‘Get In Shape’ Advice Summits to be held in February 2020 have commented on the launch and why it is a must-attend event for advisers (see: FSC Launches Get In Shape Advice Summit…).

Attendees to the Advice Summit can collect 2 CPD points and those attending the Advice Summit + Masterclass can collect 3 CPD points.

Reserve Bank on Life Insurer Solvency Requirements 

Reserve Bank Deputy Governor, Geoff Bascand, says its recent reviews of banks and life insurers, and the number of recent breaches in key regulatory requirements, reinforces the need for financial institutions to improve their behaviour, following the release of the regulator’s November Financial Stability Report.

Noting that some life insurers have low solvency buffers over minimum requirements, Bascand said, “Recent falls in long-term interest rates are putting further pressure on solvency ratios for some of these insurers. Affected insurers are preparing plans to increase solvency ratios and are subject to enhanced supervisory engagement.

“This highlights the need for insurers to maintain strong buffers, and insurer solvency requirements will be reviewed alongside an upcoming review of the Insurance (Prudential Supervision) Act,” he said.