Regulatory Alerts2022-05-17
RBNZ Fifth Affidavit of Toby Fiennes in Application for Liquidation of CBL Insurance Limited
The Reserve Bank of New Zealand filed a fifth affidavit in the High Court to support the liquidation of CBL Insurance Limited and oppose the removal of interim liquidators. The document details repeated breaches by CBLI management, including the failure to disclose new reinsurance business with United Specialty and the execution of payments exceeding NZD5 million without required regulatory consultation. It further challenges the validity of the Castlerock transaction and highlights concerns regarding undisclosed liabilities and the company's overall failure to operate in a prudent manner.
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