Paul Conway, currently Chief Economist at Bank of New Zealand (BNZ), will take up the role of Chief Economist/ Director of Economics at the RBNZ from May, replacing Yuong Ha, who leaves later this month after 25 years with the central bank. Conway started his career at the RBNZ before stints with Westpac, the OECD and the NZ Productivity Commission. RBNZ Manager of Central Banking Analytics Adam Richardson will be the acting Chief Economist/Director of Economics until Conway arrives and has also been appointed as an internal Monetary Policy Committee member for a six month term.

 

The RBNZ is seeking feedback on the penalties and enforcement tools it can use when supervising insurers and on its powers to manage distressed insurers. The Insurance (Prudential Supervision) Act (IPSA) currently includes a range of criminal penalties for non-compliance with regulation, but the regulator is initiating discussion on introducing other types of sanctions and penalties “to allow a more proportional and graduated response to compliance issues”. The consultation also reviews the RBNZ’s role in dealing with distressed insurers, including insolvency provisions and resolution powers. Submissions close 20 May 2022. There will be a webinar for interested parties on 22 March.