RBNZ needs more resources, not more powers: Bascand

Sun, 22 Sep 2019

By Jenny Ruth Sept. 23 (BusinessDesk) - The Reserve Bank needs more resources rather than new powers to better fulfill its role as prudential regulator of insurance companies, deputy governor Geoff Bascand says. Currently, the central bank has just seven or eight staff overseeing more than 90 insurance companies, he says. Before the CBL situation blew up, it had tended to focus its energies on the larger companies that have the greatest impact on New Zealanders – CBL provided builders' insurance, mostly in France. "We're satisfied t...

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