Nearly a year later, the deal has finally met the RBNZ's requirements.
According to the RBNZ, AMP insurance policy holders' relationship in NZ is with AMP Life and, while that company will have a new owner, existing policy entitlements are unaffected by this transaction.
"A bespoke trust model has been established that ensures supervisory objectives are better met, future industry dynamics are generally more positive, and there is additional protection in the event of insolvency - one of the key risk considerations that we have been seeking to mitigate," deputy governor Geoff Bascand said.
Long-term security
That trust is required to hold capital and assets in NZ that help provide long-term security for policyholder benefits or investments, where relevant, he said.
It will be under the management and scrutiny of relevant officers in NZ.
The model will also see the establishment of a new, locally incorporated insurer, Resolution Life New Zealand.
The RLNZ board will have a majority of NZ-resident, independent directors. RLNZ will act as Trustee to the Trust and will effectively manage the assets held in the Trust.
Finally, AMP Life has set up an NZ Policyholder Advisory Committee.
The committee is a sub-committee of the AMP Life Board, and will include RLNZ's independent directors. Its purpose is to provide advice to the AMP Life Board on matters relating to the interests of NZ policyholders.
AMP said the sale of AMP Life to Resolution Life has received all required regulatory approvals now and confirmed it expects the transaction to complete after the market closes on June 30. It will provide an update to the market on July 1.
The shares, which have a primary listing on ASX, rose 1 cent, or 0.5 per cent, in early trading on the NZX.
