WELLINGTON (Reuters) - The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) said on Tuesday that they were disappointed by life insurers' response to a conduct and culture review, and asked companies to complete their processes by December.
A review of life insurers done earlier this year showed the industry must act urgently and undergo major changes to address weaknesses.
"We’re disappointed the industry’s response has been underwhelming. The sector has failed to demonstrate the necessary urgency and prioritisation, around investment in systems, to provide effective governance and monitoring of conduct risk," Reserve Bank of New Zealand Governor Adrian Orr said in a statement.
Those companies that have not undertaken comprehensive systematic reviews of policy holders and products have been asked to complete further reviews by December.
(Reporting by Praveen Menon; Editing by Chizu Nomiyama)
