Geneva Finance's subsidiary, Quest Insurance Group Limited, has been notified by the Reserve Bank's enforcement team that a formal investigation has been initiated regarding certain matters involving Quest.
The investigation is focused on potential contraventions of the Insurance (Prudential Supervision) Act 2010, specifically related to the failure to establish a statutory fund when required and maintain the minimum solvency margin imposed by its insurance license conditions.
These alleged breaches occurred in 2021 and 2022, and Quest has been in regular contact with the Reserve Bank regarding these matters.
Quest has self-reported the apparent breaches to the Reserve Bank and asserts that it had sufficient cash and overall solvency to fulfill its obligations.
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