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Dated life insurance law to be reviewed

Ancient laws covering the life insurance industry are to be reviewed, Commerce Minister Lianne Dalziel says.

Thursday, April 24th 2003, 2:57PM
Ancient life insurance law will be referred to the Law Commission for review in an effort to modernise the 95-year-old legislation, Commerce Minister Lianne Dalziel says.

"I am pleased that the Law Commission has accepted this reference and I am confident this review will provide an indepth consideration of what is now clearly, outdated regulation in the Life Insurance Act 1908," she says.

"The life insurance industry is important to investors and the whole economy and New Zealanders should be able to have confidence that their life insurance is properly regulated."

"Existing law does not give consumers enough, or appropriate, information or protection and does not match international standards of rigorous controls around insurers.

"We need to look at the whole framework for regulation and supervision of life insurers and life insurance products in New Zealand. This review will go back to first principles and assess the most appropriate way to regulate the provision of life insurance in New Zealand.

"Modernising this area of law will help promote confidence and participation in New Zealand's life insurance market. At the same time, we need to recognise that insurance is a global market and our regulation will need to take overseas environments and international best practice into account," Dalziel says.

The Law Commision will report back to government by October 31, 2004.

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