RBNZ demands action from insurers accused of conduct failings

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The Reserve Bank of New Zealand and a financial markets regulator have given life insurance companies five months to show how they will address inappropriate incentives for sales staff, after unearthing major problems with conduct across the industry.

The central bank and the Financial Markets Authority have given all 16 life insurers until June 30 to report back on how they will provide a detailed action plan to address “extensive weaknesses” in their systems and governance.

The order follows

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