nib NZ has risk and culture review on the radar
nib New Zealand will carry out the review in the 2020 financial year in response to the joint Reserve Bank-Financial Markets Authority report into life insurers. It found a range of unacceptable conduct among those firms and placed a firm emphasis on the use of soft commissions, such as overseas junkets.
Health and general insurers weren’t tarred with the same brush, although the regulators expressed their expectation that they would also assess their conduct and culture frameworks and consider and act on all the relevant recommendations.
“In New Zealand, we’ve closely reviewed the findings of the Financial Markets Authority and Reserve Bank of New Zealand’s review into life insurance conduct and culture, including assessing our own practices to see if we can do better,” nib Holdings said in its 2019 sustainability report.
That focus on conduct has spanned both sides of the Tasman given Australia’s royal commission into financial services spurred on the local reviews. Nib said it’s aware of best practice and is working collaboratively with regulators.
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