Wednesday 27th September 2023
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Reserve Bank Investigation into Geneva Subsidiary
Geneva advises that its subsidiary Quest Insurance Group Limited (Quest) has received notification from the Reserve Bank’ enforcement team that a formal investigation in relation to certain matters involving Quest has commenced.
The enforcement team has advised that they have reasonable grounds to suspect that contraventions of part 2 of the Insurance (Prudential Supervision) Act 2010 have occurred by and in relation to Quest by its apparent failures to:
(a) establish a statutory fund when required; and
(b) maintain the minimum solvency margin imposed by its conditions of its insurance licence.
These relate to matters occurring in 2021 and 2022, and in respect of which Quest has been in frequent contact with the Reserve Bank. Quest self-reported to the Reserve Bank the apparent breaches of the legislation.
Quest maintains that at all times it had adequate cash and overall solvency to meet all immediate and future obligations.
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