Insurer response 'not good enough'

Kris Faafoi

The Financial Markets Authority and Reserve Bank have said today they are disappointed with insurers' response to their conduct and culture review.

Insurers were given individual reports and asked to respond with an outline of the steps they were taking to address conduct concerns.

The regulators have now released their response to those reports.

Overall, the regulators said they were disappointed. Significant work was still needed to address the issues of weak governance and ineffective management of conduct risk identified in the regulators’ report earlier this year.