Around half of New Zealand's life insurers are not doing a good enough job of monitoring deaths meaning some are going unreported, according to New Zealand's financial watchdog.

But a spokeswoman for the Financial Markets Authority says it has not found any evidence of New Zealand insurers knowingly deducting premiums despite being notified of deaths.

One of the shocking issues which emerged from Australia's Royal Commission for misconduct into financial services was firms charging premiums to people who had died.

AMP admitted to charging A$1.3m in premiums for life insurance to more than 4600 superannuation customers it knew had died.

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