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Insurance law promotes efficiency

The enactment of the Insurance (Prudential Supervision) Bill provides increased certainty for New Zealand insurance policy holders says Finance Minister Bill English.

Monday, August 30th 2010, 12:27PM 1 Comment

The Bill, passed last week, makes the Reserve Bank of New Zealand the prudential regulator of all insurance providers that carry out insurance business in New Zealand.

It is the first time the New Zealand industry has been subject to legislated prudential regulation.

English says the Bill's main purpose is to promote the maintenance of a sound and efficient insurance sector.

"Policyholders will benefit from greater certainty their insurer has sufficient financial strength to ensure it can pay claims when they are made."

He says in addition, it is a clear signal to the rest of the world that New Zealand is aligning itself with established trends in overseas insurance regulation.

"The strong consultative and collaborative approach followed in developing this legislation has ensured the Act does not impose excessive or unnecessary compliance costs on providers and is generally accepted by the industry," English says.

The implementation phase of the new Act will include a transitional period of up to three years to enable insurers to bring themselves into compliance with the new requirements.

 

« Kiwis want to see own backyard before kicking the bucketShifting to level premium policies not always right »

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Comments from our readers

On 30 August 2010 at 3:35 pm Bazza said:
Whew! with all those insurance companies going bust and not paying New Zealanders...Hang on a minute that wasn't insurance companies, They paid out over $1b into the NZ econmy last year and made money. But at least now they will be regulated, so we can all sleep easy tonight.
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