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Insurance

TOWER discussing its solvency with RBNZ

Wednesday 17th of July 2013

The company made a brief announcement to the Stock Exchange yesterday saying has a provisional licence under the new prudential supervision laws.

It was discussing conditions with the regulator “including an increase to minimum solvency margin.”

"A further announcement regarding the outcome of this discussion, including any alterations in the conditions, will be made in due course," bew Tower chief executive David Hancock said.

Tower has sold off its health and life insurance businesses and is now just a general insurer.

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