WELLINGTON (Reuters) - The Reserve Bank of New Zealand (RBNZ) said on Thursday that insurers' compliance with disclosure rules fell well short of minimum requirements and needed to improve urgently.
"We need to see a marked improvement in compliance across the industry, and with some urgency," RBNZ deputy governor Grant Spencer said in a statement on the bank's website.
The comments came after a survey done by the central bank showed that more than half of insurers it regulates were complying at a "poor or low" level when disclosing their financial strength ratings and solvency information.
(Reporting by Charlotte Greenfield; Editing by Shri Navaratnam)
