Geneva Finance insurance arm cops RBNZ warning

Quest's breaches should concern Geneva shareholders, says NZSA's CEO Oliver Mander. (Image: Supplied))

Tue, 12 Nov 2024

Geneva Finance subsidiary Quest Insurance has been issued a formal warning for likely breaches of its solvency requirements and warned that court action is likely if such breaches occur in the future.The self-reported breaches happened in 2022 and resulted from inter-company loans between Quest and Geneva, the Reserve Bank of New Zealand (RBNZ) said in a seven-page letter to Quest from Kerry Beaumont, the RBNZ’s director of enforcement and resolution.That letter also criticised Quest’s use of backdated transactions in its...

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