RBNZ seeks compulsory on-site inspection powers over insurers

Deputy governor Christian Hawkesby wants more regulatory tools. (Image: supplied)

Thu, 10 Mar 2022

The Reserve Bank is looking at introducing a compulsory on-site inspection power as part of its prudential regulation of insurance companies, a major departure from the light-handed regulatory regime governing the insurance industry since 2011.The central bank wants "the power to carry out on-site inspections at insurers' premises, including, where necessary, without prior notice", the central bank said in a consultation paper.The RBNZ became the prudential regulator of insurance companies when the Insurance (Prudential Supervisio...

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