The Canterbury earthquakes, which commenced just a few days before the enactment of IPSA, resulted in an intense period of supervisory activity and application of IPSA provisions. Some administrative features of IPSA have proved cumbersome to utilise and could be improved.
Issues arising amongst some insurers in relation to matters such as capital management and the quality of risk management and governance sometimes revealed scope for improvements in the form of more specific definitions or guidance. 8  More specific provisions and definitions and clearer guidance on some matters would reduce scope for outcomes to be quite so dependent on firm’s interpretation of sufficient selfdiscipline.