Tower’s licensing talks with RBNZ may push up minimum solvency requirements

Tue, 16 Jul 2013

July 17 (BusinessDesk) - Tower, which has hived off its health insurance and investment units, is in talks with the Reserve Bank over proposed conditions as part of its licence and may have to lift its minimum solvency requirements. The Auckland-based insurer has a provisional licence under relatively new prudential supervision laws and is in talks with the regulator as part of the licensing process, it said in a statement. Among proposed conditions include “an increase to minimum solvency margin,” it said. In its first-half report, Tower...

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