Wednesday 27th September 2023 |
Text too small? |
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.
ends
No comments yet
Me Today - Notice of Annual Shareholder Meeting
FSF - Director Scott St John to retire from Fonterra Board
Greenfern announces change in Chief Financial Officer
AIA Provision of Financial Assistance - Employee Share Plan
CBD - Recording and Presentation of Investor Call
AUCKLAND CAR PARK CONCESSION AGREEMENT - HIGH COURT JUDGMENT
CRP - Korella North Mining Lease Lodgement Approved
Genesis Energy launches new strategy
November 30th Morning Report
IFT270 - Interest Rate Reset