Non-bank Deposit Taker licence cancelled
The Reserve Bank gives notice that the Non-bank Deposit Takers licence granted to Caxton Employees Credit Union on 8 December 2014 was cancelled on 30 November 2018 pursuant to section 21(f) of the Non-bank Deposit Takers Act 2013 following its transfer of engagements to Credit Union Central, and its subsequent removal from the Register of Credit Unions.
Nov 2018 Insurance
The Reserve Bank has issued amendments to the insurance sector solvency standards. The amendments cater for the introduction of NZ IFRS 16 Leases and require a reasonable assurance level of audit of the annual insurer solvency return.
The Reserve Bank of New Zealand is satisfied that CUI Insurance Limited (formerly known as Credit Union Insurance 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 CUI Insurance Limited, the licence issued to it on 01 April 2013 under section 19 of the Act was cancelled on 5 November 2018 pursuant to section 30(1) of the Act.