The Reserve Bank of New Zealand (
RBNZ) has announced Pete Brady’s retirement as of next Friday, January 26 – with his replacement named as Richard Dean.
Brady has been the insurance oversight manager, and has led the insurance oversight team, since its inception in 2010 following the passage of the Insurance Prudential Supervision Act (2010). The insurance oversight team sits within the Prudential Supervision Department of the Reserve Bank.
RBNZ said all licensed insurers are subject to supervisory oversight. The regulatory framework set out in the act places the responsibility and accountability of an insurance business directly on the insurer’s board, directors and senior management team.
RBNZ senior supervision manager Andy Wood said in a statement yesterday that since 2010 Brady has been responsible for the licensing and oversight of more than 100 insurers and the development of the insurance oversight team “into a strongly functioning and effective supervisory unit.”
“Upon Peter’s retirement, the role of manager, insurance oversight, will be assumed by Richard Dean who returns to direct insurance involvement following his earlier policy work in the development of the insurance legislation, and a three-year period managing the supervision of banks, financial market infrastructures and anti-money laundering (AML),” Wood said.
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