RBNZ accepts criticism on supervision of CBL Insurance
The insurer was placed into full liquidation in November 2018
The Reserve Bank of New Zealand today (July 3) accepted the findings and recommendations of an external review that criticised aspects of its supervision of failed firm CBL Insurance.
The insurer, which had a market capitalisation of more than $500 million, was placed into full liquidation by the High Court of New Zealand in November 2018. The RBNZ first requested the court place the group under interim liquidation in February 2018, due to concerns about imprudent management and a breach of
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