Financial Services

Review shows NZ insurance sector in poor light, calls for major changes


WELLINGTON, Jan 29 (Reuters) – New Zealand’s central bank and financial markets regulator said on Tuesday a review of life insurers shows the industry must act urgently and undergo major changes to address weaknesses.

Findings from the review of the conduct and culture of life insurers by the Reserve Bank of New Zealand and the Financial Markets Authority showed the sector “in poor light”, a statement released by the bank said.

The review did not find widespread misconduct by life insurance companies, although there were several instances of poor conduct. A small number of cases of potential misconduct were subject to investigations, the statement said. (Reporting by Praveen Menon)



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