CBL Insurance will be wound up after the High Court in Auckland approved an application by the Reserve Bank of New Zealand to liquidate the business.
The business has been in court-imposed interim liquidation and its parent company CBL Corporation in voluntary administration since February.
The courts decision looks set to hasten the demise of CBL Corporation, one of the few New Zealand insurers that made a name for itself globally with businesses in Europe and Australia.
The Reserve Bank, which had pushed for the interim liquidation, says the winding up of the company is in the best interests of the public.
It says CBL Insurance failed to meet solvency conditions, breached regulations and misreported its business to the regulator…
Read the full article at: https://www.insurancenews.com.au/daily/cbl-high-flying-insurer-to-be-liquidated