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.

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

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 in 2019.

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 helpline@cblinsurance.com.

Insurance news & updates

Jan 2019 Insurance

The Reserve Bank of New Zealand is satisfied that Education Benevolent Society Incorporated is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of Education Benevolent Society Incorporated, the licence issued to it on 18 April 2013 under section 19 of the Act was cancelled on 31 December 2018 pursuant to section 30(1) of the Act.

Dec 2018 Insurance

The Reserve Bank of New Zealand has published the December 2018 edition of the Insurance Industry Update.

Read the Insurance Industry Update 2018 (PDF 156KB)

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.

For further information:

Nov 2018 Insurance

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.

Nov 2018 Insurance

The Reserve Bank of New Zealand is satisfied that Sunderland Marine 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 Sunderland Marine Insurance Company Limited, the licence issued to it on 19 June 2013 under section 19 of the Act was cancelled on 1 November 2018 pursuant to section 30(1) of the Act.

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