Geneva-owned insurer investigated

Claims from Cyclone Gabrielle and the Auckland Anniversary weekend floods helped drive higher claim costs to Quest. (Image: Getty)

Staff reporters

Wed, 27 Sep 2023

The Reserve Bank of New Zealand has opened an investigation into an insurance company owned by Geneva Finance.In an update to the New Zealand stock exchange on Wednesday, Geneva said its subsidiary Quest Insurance Group had received a notification from the enforcement team at the Reserve Bank of New Zealand (RBNZ).According to the update, the bank told Quest it had reasonable grounds to suspect there had been contraventions of part 2 of the Insurance (Prudential Supervision) Act.This was because of apparent failures to: establish a statutory fu...

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