Well, it's fairly clear RBNZ had concerns between 2013 -2016 but lacked the resources & experience to properly monitor and supervise CBL.
https://www.stuff.co.nz/business/mon...on-cbl-failure
"Trowbridge said the CBL failure was reminiscent of other insurance collapses, including Australia's HIH in 2001, because it involved "under-reserving" for future claims. Under-reserving is when an insurer does not set aside enough capital to ensure it can meet claims in the future. In the short-term that can boost growth as the company can offer lower premiums, but over time it results in an insurer going broke.
Trowbridge said he was shocked at the level of under-reserving by CBL, which he described as "massive"."
The promoters and lead brokers,
UBS & Forsyth Barr, have brought yet another dud to the NZX like Forsyth Barr did with Wynyard & Feltex!