Survey-shows-insurers-need-to-up-their-game

Survey-shows-insurers-need-to-up-their-game

The Reserve Bank today published a report on compliance by insurers with the requirements to disclose their financial strength ratings and solvency information.

A recent survey by the Reserve Bank of a sample of 36 of the 89 licensed insurers found that the overall level of compliance with disclosure rules was well short of minimum requirements, with 53 percent of respondents complying at a low or poor level, and only 22 percent performing relatively well but with room to improve further. Only three insurers demonstrated an excellent level of compliance.