Regulatory Alerts2022-05-17
Canterbury Earthquakes 2010-2012: Insurance Supervision in the First 2 Years
The Reserve Bank of New Zealand supervised the insurance sector during the Canterbury earthquakes while implementing the new Insurance (Prudential Supervision) Act 2010. The regulator managed significant industry stress, notably providing Crown support to AMI and overseeing the liquidation of Western Pacific Insurance. Key supervisory actions included establishing new solvency standards, monitoring claims costs, and facilitating the restructuring of distressed insurers to ensure market stability.
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