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TOWER discussing its solvency with RBNZ

TOWER has revealed it is in discussion with the Reserve Bank about its solvency margins.

Wednesday, July 17th 2013, 7:14PM

The company made a brief announcement to the Stock Exchange yesterday saying has a provisional licence under the new prudential supervision laws.

It was discussing conditions with the regulator “including an increase to minimum solvency margin.”

"A further announcement regarding the outcome of this discussion, including any alterations in the conditions, will be made in due course," bew Tower chief executive David Hancock said.

Tower has sold off its health and life insurance businesses and is now just a general insurer.

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