CBL Insurance Limited (in liquidation)

About CBL Insurance Limited

CBL Insurance (CBLI) was a provider of insurance and reinsurance, mostly overseas but with about 1% of revenue from New Zealand insurance business.

We are the ‘home country’ regulator and prudential supervisor of CBLI because the company provided insurance cover in New Zealand and is incorporated in New Zealand.

CBLI was placed into interim liquidation by the High Court in February 2018 on our application following an extensive investigation. This action was taken given our concerns about imprudent management and breach of regulatory directions. The company was placed into full liquidation by the High Court in November 2018.

Independent review

We commissioned an independent review of our supervision of CBLI to identify lessons for ourselves and the insurance regulatory regime.

The review was conducted by John Trowbridge and Mary Scholtens QC and covered the period from CBLI’s licensing in 2013 through to the interim liquidation in February 2018.

We released the review report on 3 July 2019. The review's main recommendations were that we:

• act decisively, making full use of the powers available to us when in doubt about a company’s financial soundness
• strengthen the governance obligations of insurers through greater scrutiny and accountability of boards, management and appointed actuaries
• increase resources to the supervisory team and the policy team to a level consistent with our goals, priorities and risk appetite
• modify the solvency standard and, if necessary, seek to modify the Insurance (Prudential Supervision) Act 2010 to strengthen the capital management and solvency framework for licensed insurers.

Terms of reference for CBL Insurance review (PDF 434 KB)

CBL RBNZ final report – An independent review for the RBNZ of the supervision of CBL Insurance Ltd (PDF 1.2 MB)

CBL Insurance chronology

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

CBL Insurance timeline

High Court Rulings

• 16 Nov 2018 - Judgement of Justice Courtney placing CBL Insurance in liquidation (PDF 401KB)

• 16 Nov 2018 - Reasons for judgement - admissibility of evidence (PDF 243KB)

• 16 Nov 2018 - Order removing confidentiality over evidence to the Court (PDF 296KB)

• 23 Feb 2018 - Court order appointing interim liquidators (PDF 323KB)

Affidavits

• 18 Oct 2018 - affidavit to High Court (PDF 13MB)

• 23 Feb 2018 - affidavit to the High Court (PDF 8.4MB)

News Releases

• 3 July 2019 - Reserve Bank releases independent review of its supervision of CBL Insurance liquidation 

• 12 Nov 2018 - Reserve Bank welcomes uncontested liquidation of CBL Insurance

• 1 Oct 2018 - RBNZ comment on CBLI court judgement released today

• 27 Jun 2018 - Serious Fraud Office and Reserve Bank investigating CBL Insurance matters

• 6 Jun 2018 - CBL Insurance hearing date

• 1 Mar 2018 - CBL Insurance Limited interim liquidation

• 23 Feb 2018 - Interim liquidators appointed to CBL Insurance

Responses to OIA requests

• 12 December 2018 - CBL Insurance review terms of reference (PDF 921KB)

• 1 June 2018 - Investigations into listed entities (PDF 522KB)

• 16 April 2018 - CBL Insurance confidentiality orders (PDF 2.1MB)

• 6 April 2018 - CBL share trading (PDF 520KB)

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].