Minnow insurer Pacific International ordered to fix systems

Thu, 03 Dec 2020

The Reserve Bank has directed Pacific International Insurance to bolster its compliance systems and processes after years of non-compliance.The central bank and prudential supervisor instructed the minnow insurer to commission an independent report on its systems, regulatory processes, resources and oversight controls in January after warning it in 2018 for failing to include the NZ branch’s solvency ratio in its accounts for three years.Based on the report’s findings, Pacific International needs to improve its compliance systems an...

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