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New Zealand's CBL Insurance placed in interim liquidation


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New Zealand's CBL Insurance placed in interim liquidation

New Zealand-based CBL Insurance Ltd. has been placed into interim liquidation by the country's High Court following a request from the Reserve Bank of New Zealand.

The High Court issued confidentiality orders relating to the matter, according to a Feb. 23 release.

Kare Johnstone and Andrew Grenfell were appointed as the insurer's interim liquidators. The liquidators have the authority to take control of all financial and other records of the insurer, as well as conduct any investigation when deemed necessary.

Earlier in February, New Zealand's stock exchange suspended the shares of CBL Insurance parent CBL Corp. Ltd. from trading amid concerns raised by the exchange over whether the company has provided all material information relating to its overseas insurance operations to the market. Local and overseas regulators have also questioned the company's adequacy of reserves for its French construction insurance business, which CBL has since decided to exit.