Regulators: Life insurance needs to change

The Financial Markets Authority and Reserve Bank have completed their review of 16 life insurers. It follows a similar investigation into banks.

Financial Markets Authority chief executive Rob Everett said the report showed life insurers in a poor light.

They all needed to make substantial improvements to how they identified, managed, remediated and reported on conduct risks and issues.

How they dealt with advisers was a prime focus for the report.