RBNZ consults on insurance policyholder protection

Tue, 31 Aug 2021

The Reserve Bank is calling for submissions on whether the current legislation gives insurance policyholders the protection they expect.The RBNZ said an important purpose of New Zealand's insurance legislation is to promote a financially sound insurance sector.This consultation is part of the RBNZ's wider review on the Insurance (Prudential Supervision) Act 2010 (IPSA) aimed at reducing the likelihood that an insurer might become unable to make claims payments it owes to policyholders.The consultation will also look at the type and brea...

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