RBNZ needs more resources, not more powers: Bascand
Currently, the central bank has just seven or eight staff overseeing more than 90 insurance companies, he says.
Before the CBL situation blew up, it had tended to focus its energies on the larger companies that have the greatest impact on New Zealanders – CBL provided builders' insurance, mostly in France.
"We're satisfied that our powers for our prudential purposes are adequate. We have the authority to look at the governance and risk management and to engage with them very purposefully about these elements," Bascand told BusinessDesk.
"In terms of resources, we can only do that lightly with the number of insurers that exist." While RBNZ does focus on the most significant institutions for policyholders, "we're limited in the depth of that," he says.
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