Insurer gets warning from RBNZ

The Reserve Bank says Quest Insurance Group had failed to comply with the prudential rules for insurers.

Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business.

The bank says this warning is a reminder for all insurers of the importance of continuously managing their compliance obligations under IPSA through effective risk management and sound governance practices.

“Prudential requirements such as good governance exist to protect policy holders and to promote the maintenance of a sound and efficient insurance sector,” deputy governor and general manager of Financial Stability Christian Hawkesby says.