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

May 2019 Insurance

Appointed actuary thematic review

The Reserve Bank has published an update on the appointed actuary thematic review.

May 2019 Insurance

SCOR Global Life SE

The Reserve Bank of New Zealand is satisfied that SCOR Global Life SE is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (the Act). At the request of SCOR Global Life SE, the licence issued to it on 8 March 2012 under section 19 of the Act was cancelled on 1 May 2019 pursuant to section 30(1) of the Act.

Mar 2019 Insurance

In 2019 the Reserve Bank is performing a thematic review of the appointed actuary regime. Any policy changes will require consultation. We will seed feedback on the objectives and a draft plan for the review through open forums in Auckland and Wellington, as well as meetings with key stakeholder groups. The forums are scheduled for:

  • Wellington - Tuesday 2 April 1-2:30pm and 3 - 4:30pm at James Cook hotel
  • Auckland - Wednesday 3 April 12:30-2pm and 2:30-4pm at the Heritage hotel

If you wish to attend please RSVP by email to insurancethematicreview@rbnz.govt.nz no later than 27 March 2019. Please state who will be attending and which session.

Feb 2019 Insurance

We published new forms to be used for Report Dates from February 2019 on the insurer data collections page.

The Insurer Solvency Return has been updated to reflect the recent amendment to solvency standards (NZ IFRS 16 Leases and reasonable assurance audit), and the Insurer Return has added validation checks for insurers to review before submission.

Jan 2019 Insurance

On 29 January 2019 the Financial Markets Authority and Reserve Bank of New Zealand released the findings from their joint review of conduct and culture in New Zealand life insurers. The review took place between June and November 2018 and involved a review of 16 life insurers. The report is thematic in nature and as such does not attribute findings to individual life insurers.

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