14  The Canterbury earthquake, the COVID-19 pandemic, and historically low interest rates have challenged various parts of the sector in extraordinary ways. The insurance sector has been prudentially regulated in New Zealand since 2010 and it is timely to review the efficacy of regulatory settings.
It is in this context that the formation of the BCSBI was announced by the then Governor of RBI, Dr. Y. V. Reddy in his Annual Monetary Policy Statement in April 2005.