Life insurance industry slammed in regulators’ report

Tue, 29 Jan 2019

By Jenny Ruth Jan. 29 (BusinessDesk) - The life insurance industry is vulnerable to misconduct, is ignoring whether its products are suitable for customers and is too slow to make changes. That’s the conclusion of the joint report on the industry by the Financial Markets Authority and the Reserve Bank. But that judgement is hardly surprising given the FMA’s previous conclusion that only 2 percent of sales of life insurance policies are genuinely new, rather than just churn, or switching customers between policies to generate income for...

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