16 Nov 2018
RESERVE BANK OF NEW ZEALAND v CBL INSURANCE LTD (NO 3) [2018] NZHC 2969
- Citation
- [2018] NZHC 2969
- Court
- High Court
CBL Insurance Ltd was wound up because the Court was satisfied under s151(2)(b),(c) and (d) IPSA that the insurer was failing to maintain its solvency margin (solvency ratio materially below required level), had seriously failed to comply with regulatory directions (notably payments made despite express prohibition), was balance sheet insolvent with significant deficits, and there was evidence of director impropriety and manipulation of records resulting in a justifiable lack of confidence in the company's management, warranting liquidation to protect policy holders and the public interest an…