Licensed Insurers must also disclose their financial strength ratings to policyholders before entering into or renewing a contract of insurance. As part of Reserve Bank solvency standards, insurers are required to disclose solvency positions and regulatory capital information in their financial statements and on their website.
IPSA requires that actuarial information contained in financial statements is reviewed by the licensed insurer’s appointed actuary and subject to a separate report which is included in the financial statements. Guidance material on governance creates an additional expectation on insurers tied to the disclosure of governance arrangements to shareholders, policyholders and other stakeholders.