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The Reserve Bank of New Zealand’s (RBNZ) financial strength dashboard is proving a hit with the public and now the bank is looking to explore and establish disclosure dashboards for the insurance industry.
The dashboard, launched in May, is an interactive disclosure tool for sharing bank data that allows the public to better understand and compare banks’ businesses and risks. RBNZ data shows it had more visits in its first 24 hours than its predecessor typically received in an entire year.
“It not only challenges banks to be open and transparent with their disclosures, but also gives the public the opportunity to take an active interest in monitoring their bank’s performance,” RBNZ head of prudential supervision Toby Fiennes said in a speech for chartered accountants in Auckland.
He also highlighted that RBNZ is keen to explore disclosure dashboards for other sectors such as insurance and non-bank deposit takers.
“Insurance is likely to be the next cab off the rank and we expect to start work in earnest in mid-2019, once we have a good sense of how the bank dashboard has worked,” Fiennes said.
“We are excited about this, seeing an insurance dashboard as a great opportunity to further improve transparency of the sector and of our supervision of insurers.”
