This is making good progress with the appointment of a Senior Manager Supervision, and from 2021 we plan to be supervising some insurers from Auckland. The implementation of an Auckland presence and increasing supervisory and enforcement resources are part of the ongoing development of our regulatory approach.
We will retain a risk-based approach that includes our split of insurers into the Portfolio group, consisting of insurers whose failure would have a relatively small impact on the sector, and the Designated group, consisting of insurers whose failure would result in greater impacts and more intense supervision.