Regulatory Alerts2022-02-27
CBL Insurance chronology
The New Zealand prudential regulator issued a chronology detailing the regulatory supervision and eventual liquidation of CBL Insurance Ltd following the enactment of the Insurance (Prudential Supervision) Act. Regulators imposed strict solvency directions and appointed investigators after discovering that CBLI’s reserves were materially understated and its solvency ratio had fallen below required minimums. The company was placed into liquidation by the High Court in November 2018 after breaching regulatory directions and failing to maintain adequate financial stability.
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