And, we will be expecting to see a great deal more of this verification activity happening at the senior management and board level. An example of this new approach being applied is our review of the Appointed Actuary regime. You will be aware that this review is ongoing, and some of you have received visits from the Reserve Bank’s team.
A sample of 15 insurers were selected for this review, aimed to represent the diversity of the New Zealand insurance industry (e.g., small and large insurers, life and general, branch and locally incorporated, directly employed and external consultant. For those who took part in the interviews or provided us with submissions, we thank you for your time and your open, free and frank discussions.