Regulation and supervision Insurers Regulation of insurance sector CBL Insurance Limited - (in liquidation)

CBL Insurance Limited - (in liquidation)

CBL Insurance Limited was placed into liquidation by order of the High Court on 12 November 2018.

CBL Insurance (CBLI) was a provider of insurance and reinsurance, mostly overseas but with about one percent of revenue from New Zealand insurance business. The Reserve Bank is the “home country” regulator and prudential supervisor of CBLI because the company provided insurance cover in New Zealand and is incorporated in New Zealand.

Independent Review

The Reserve Bank has commissioned an independent review of its supervision of CBLI to identify lessons for itself and the insurance regulatory regime. The review is being conducted by John Trowbridge and Mary Scholtens QC and will cover the period from CBLI’s licensing in 2013 through to the interim liquidation. Key findings from the independent review will be made public 1 July 2019.

CBL Insurance chronology

Notes of events covering the period from licensing of CBL Insurance in 2013 through to liquidation in 2018.

High Court Rulings

Affidavits

News Releases

Responses to OIA requests

Creditors and policy holders

If you are owed money by, or hold a policy issued or underwritten by CBL Insurance, then please contact the liquidators at the following email address [email protected].

Insurance news & updates

Oct 2021 Insurance

We are changing the implementation date of the Interim Solvency Standard from 1 January 2022 to 1 January 2023.  This will give insurers more time to develop their systems and processes.

More information can be found on the Review of the Insurance Solvency Standards page.

Aug 2021 Insurance

New IPSA review consultation

The Reserve Bank has released a consultation paper as part of the ongoing review of the Insurance (Prudential Supervision) Act 2010. This consultation is on Policyholder Security. This document can be found on the IPSA Review page.

Feedback on the consultation paper is encouraged. A webinar will be held to discuss the consultation at 10am on Wednesday 15 September 2021. To express your interest in attending the webinar, please subscribe to our mailing list. An invite will be sent to our Insurance mailing list closer to the date.

Aug 2021 Insurance

We are publishing the template to be used in assessing the quantitative impact of the draft interim solvency standard:

Jul 2021 Insurance

Solvency

We are publishing three documents relating to the Review of the Insurance Solvency Standards:

  • A feedback statement from the consultation run over summer;
  • A draft of an Interim Solvency Standard, for consultation; and
  • An explanatory note.

These documents can be found on the Solvency Standard Review page.

We’ll be holding a webinar to discuss the draft interim standard at 10am on Thursday 5 August. To express your interest in attending the webinar, please subscribe to our mailing list. An invite will be sent to our Insurance mailing list closer to the date.

IPSA

We are also publishing an IPSA Review feedback statement; this relates to the recent consultation on the Scope of the Act and the treatment of overseas insurers. This document can be found on the IPSA Review page.

Mar 2021 Insurance

We have today released a feedback statement (PDF 700KB) on the consultation relating to Solvency Standard Review principles. We thank those who provided submissions. We are working through submissions received for the consultation on the structure of the solvency standards and our approach to IFRS 17.

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