The Reserve Bank of New Zealand is satisfied that FM Insurance Company Limited is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of FM Insurance Company Limited, the licence issued to it on 28 June 2013 under section 19 of the Act was cancelled on 17 July 2018 pursuant to section 30(1) of the Act.
Jul 2018 Insurance
The Reserve Bank released a consultation paper on proposed changes to the Solvency Standards in response to NZ IFRS 16 Leases.
The Reserve Bank sent a warning to Pacific International Insurance Pty Limited (Pacific International) for failing to include its solvency ratio in its New Zealand branch financial statements for three consecutive years.