About ICNZ
Overview
It is an industry organisation which represents fire and general insurers in this country
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The Regulatory Environment
New Zealand has one of the least regulated insurance markets in the world
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Member Listing
New Zealand's top insurers
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Contact ICNZ
Should you wish to contact us
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Relevant links
Insurance-related links
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The regulatory environment
Framework |
Requirement |
The Fair Insurance Code |
Act ethically |
The Insurance & Savings Ombudsman Scheme |
Be subject to independent review |
The Insurance Council's Solvency Test |
Be financially sound |
While the Insurance Council assumes no liability for its members, compliance with the self-regulation framework assures customers of quality service.
The Fair Insurance Code
Insurance is a contract between the insurer and the customer based on the principle of "good faith". The customer (by paying a premium) depends on the insurer to provide a service and to settle claims fairly and efficiently. In turn, the insurer relies on the customer to act honestly, and to accurately disclose all information relevant to the insurer being able to provide insurance cover that meets the customer's needs.
The Fair Insurance Code was developed by the Insurance Council as a set of principles which aims to continually improve the standard of practice and service member companies provide to their customers. This set of principles is in additional to those obligations created by the law.
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