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New Zealand regulators ask life insurers to show action against misconduct

New Zealand authorities are giving life insurers until June 22 to prove that they have identified and addressed cases of misconduct similar to those that have been uncovered by Australia's royal commission.

In a joint letter released May 24, New Zealand's Financial Markets Authority and the Reserve Bank of New Zealand asked the country's licensed life insurers to show that there are no material conduct issues in their businesses. Specifically, the regulators are asking life insurers to tell them about the actions they have taken to identify and address conduct risk, remediation action and specific plans to respond to the themes arising from the royal commission.

Insurers have until June 22 to address the regulators' concerns. Regulators have also asked the same information from the banking sector.

Australia's ongoing royal commission into misconduct in the financial sector has revealed major issues ranging from faulty governance to providing bad financial advice.