|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, July 10th, 9:59PM


Latest Headlines

Review of insurance contracts law coming - but what will it cover?

A review of insurance contracts law has been described as "well overdue".

Thursday, June 22nd 2017, 3:25PM

by Susan Edmunds

A spokesman for Commerce Minister Jacqui Dean confirmed she planned to conduct a review of the laws governing insurance in this country, but said it would not happen until later this year, or early next.

He said it was part of Dean's work programme.

She aims to pass an Insurance Contracts Bill, which would consolidate and modernise New Zealand’s insurance contract law, during the next parliamentary term.

He said the scope had not yet been worked out but the minister had clearly signalled that it was an area she was interested in. He did not have a timeframe for the work.

It is expected it will include a review of the Insurance Law Reform Act.

Dean’s office said there had been significant interest in the review, but it the primary intention of signalling the move had been so that it did not come as a surprise when a more formal process was announced.

Insurance and Financial Services Ombudsman Karen Stevens said she supported the review “110%”.

She said there were a number of insurance acts in place. They covered everything from cases where people were driving on a restricted license, to mis-statement in insurance proposals and insurers being deemed to have knowledge of non-disclosure if a third-party adviser did.

“There’s some quite meaty things but it’s all scattered. The idea of bringing it all together to make one Insurance Contracts Act is a fabulous idea,” she said. “It couldn’t be better.”

She said it was timely, because the age of the existing law meant it could be seen as out of date. A 1998 report from the Law Commission identified issues that remain. “We’ve known there are issues with insurance law for a long time.”

Stevens said she commended the minister for her plans to look into it.

Tags: Insurance Advisers

« Kiwi company attracts $200 million global investmentChurn work takes next step »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

Southern Cross halves staff numbers
Southern Cross Travel Insurance is slashing its staff numbers from 90 to 45 people.

News Bites
Latest Comments
  • Harking back to the old days
    “Tactical move by CIGNA and looks like they have a lot of bench strength now in sales, underwriting and product / pricing...”
    5 hours ago by hitting rock
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    8 hours ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    14 hours ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    15 hours ago by Matron
  • Greens want ACC extended to cover sickness
    “The Greens have no idea The purpose of the Woodhouse report was to remove the "at fault" component of accidents Sickness...”
    1 day ago by LNF
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and