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You had one job...

Essentially the Insurance Prudential Supervision Regime says insurers have one job when it comes to disclosing to customers. Jenée Tibshraeny has written this article on interest.co.nz discussing "how a light touch approach to regulating insurers doesn't work while companies consider disclosing key financial information a box ticking rather than a consumer protection exercise"

Of course, insurers have many other jobs besides this: offering great cover, numerous disclosures to consumers under other laws, and making sure that the actual solvency position is managed, not just reported appropriately. Nevertheless, I was surprised to find that the RBNZ report could be, given that this is a relatively simple disclosure, lengthy and fascinating. 

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