Central Banking

RBNZ licenses 99 insurers as three-year deadline passes

new-zealand

The Reserve Bank of New Zealand (RBNZ) has issued licenses to 99 insurers operating in the country, the central bank said today in a statement.

New Zealand law was changed in September 2010, requiring insurers to apply for and receive a licence within three years in order to continue doing business.

The Prudential Supervision Act – commonly referred to as the Insurance Act – is "designed to ensure a sound and efficient insurance sector" enjoying the public's trust, according to the RBNZ.

Under t

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