COMMENT:

The independent review of the supervision of CBL Insurance is a particularly pitiful tale.

It shows that the Reserve Bank of New Zealand, our insurance regulator, was asleep at the wheel while a regulator in a small European country, with a population of only 35,000, was decisive and knew more about CBL than we did.

The big losers from this debacle are the Reserve Bank's reputation and NZX-listed CBL Corporation, which owned 100 per cent of CBL Insurance.

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The only apparent winners are the CBL directors and senior staff who sold $100.5 million worth of shares before the listed

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