22 Dec 2022
FINANCIAL MARKETS AUTHORITY v CIGNA LIFE INSURANCE NEW ZEALAND LIMITED [2022] NZHC 3610
- Citation
- [2022] NZHC 3610
- Court
- High Court
Cigna admitted breaches of s22(d),(f) and (h); the court accepted the FMA's interpretation that the relevant transaction consideration could support a maximum penalty of at least NZD100,000,000 but set a starting point of NZD5,500,000 after weighing s492 factors and comparable authorities, then applied a 35% discount for prompt self-reporting, full cooperation, remediation and first-time contravention to arrive at a final pecuniary penalty of NZD3,575,000, with the penalty to be applied first to the FMA's costs.