Promoting the Soundness and Efficiency of our Insurance Sector: Recommencing the IPSA and Solvency Standard Review A speech delivered to the Insurance Council of New Zealand in Wellington  On 14 September 2020  By Geoff Bascand, Deputy Governor and General Manager of Financial Stability  2 The Terrace, PO Box 2498, Wellington 6140, New Zealand Telephone 64 4 472 2029 Online at www.rbnz.govt.nz  2  Introduction1  Back in March, I was ready, speech in hand, to provide you all with an insurance update, particularly in relation to our plans for the review of the Insurance (Prudential Supervision) Act, or IPSA, that we started in 2017.
As with many things, COVID-19 intervened. My pandemic insurance was I could always do it later! As I update this speech, different alert level requirements are in place. Again, just like many things I’m contemplating whether I might have to defer again, or do it differently – can one get insurance for multiple, repeated and arguably expected phenomena?