New Zealand life insurers must explain actions taken to address conduct and culture issues as regulators seek to avoid the kind of practices that have tainted their Australian counterparts.

They must tell the Financial Markets Authority and the Reserve Bank of New Zealand what steps they have taken to resolve issues arising from the Hayne royal commission and any work to remediate identified actions that have disadvantaged customers.

“Our objective… is to understand what work you have undertaken to review your operations to promptly identify and address any conduct and culture issues,” the regulators say.

“We expect you to show us what you have done to be comfortable that there are no material conduct issues within your business.”

Responses are due by June 22.