RBNZ flags insurers’ weak governance and risk controls

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The Reserve Bank of New Zealand has uncovered deficient governance and risk controls in the country’s insurers, highlighted by a conduct and culture review of the sector.

Following a joint exercise with New Zealand’s Financial Markets Authority (FMA), regulators said they were disappointed by the information submitted by 16 life insurers.

“The sector has failed to demonstrate the necessary urgency and prioritisation around investment in systems, to provide effective governance and monitoring

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