22 Nov 2023
FINANCIAL MARKETS AUTHORITY v MEDICAL ASSURANCE SOCIETY NEW ZEALAND LIMITED [2023] NZHC 3312
- Citation
- [2023] NZHC 3312
- Court
- High Court
Court accepted MAS had contravened s 22 FMCA across four discrete issues, accepted parties' agreed starting point of $3,000,000 and a 30% aggregate discount for cooperation, remediation and self-reporting, and imposed a pecuniary penalty of $2,100,000; court also made declarations of contravention and ordered the penalty be applied first to the FMA's actual costs under s 493 FMCA based on statutory factors and comparator authorities.