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Financial Services Council welcomes Reserve Bank report

Financial Services Council welcomes Reserve Bank report on insurers compliance levels

The Financial Services Council (FSC) has welcomed the Reserve Bank report on the level of compliance with disclosure laws by licenced insurers.

“Good conduct and trust form a vital part of insurers relationship with their customers so the transparency and scrutiny that reports such as this bring are vital”, said FSC CEO Richard Klipin.

“It provides a valuable lens on the New Zealand insurance market and it’s clear that we collectively have work to do in lifting compliance levels with disclosure requirements.

FSC Insurance members collectively insure the lives of millions of New Zealanders and last year paid out $1.16 billion in claims (FSC/MJW Stats March 2017).

“The outcome of the review really reflects the complexity of compliance for insurers. As an industry we are completely committed to addressing the issues identified through the review.”

said Mr Klipin.

“It’s important to note that the compliance issues identified by the Reserve Bank were generally technical in nature and did not represent major structural problems. In fact the Reserve Bank has explicitly said that they do not represent underlying viability issues with New Zealand insurers.

“That said our members are now focused on working with the regulator to rectify the specific issues identified, and ensuring that standards improve and compliance obligations are met across the industry, said Mr Klipin.

Ends

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