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Chief Executive's report

The Insurance Council focused on its Strategic Plan and Key Priorities as directed by its Members and Board during 2006.

In an overall sense, 2006 has been a year focused on increased communication with our colleagues in the industry, with customers and the community. Many of our more significant achievements have been noted at the end of my report.

I would like to recognise the enormous contribution the Insurance Council Board made to my ability and the Insurance Council’s ability to deliver on our Strategic Plan. We currently have an outstanding Board with a great degree of depth and experience that adds value to us in the Council and our ability to add value to our community.

The Insurance Council’s committees have also produced an enormous amount of technical work and these achievements contribute significantly to the success of the Insurance Council’s work. Many of the achievements of the committees are included in the Activities Report for 2006 and I would like to personally thank all those people who gave their time and professional skills to the work of the Insurance Council committees during 2006. In particular, we have been heavily involved in submissions on the Review of Financial Products and Providers, and we have also worked very closely with our colleagues in the broking industry, loss adjusting industry and with the Insurance & Savings Ombudsman.

The Insurance Council has lifted the number of seminars provided to the industry during 2006. This reflects calls by members for greater communication with them on issues of critical importance to the industry and also reflects our desire to raise professional standards for the industry to assist our customers. The Insurance Council is now very firmly positioned as a strong and constructive contributor to government thinking. We believe this will assist in our extensive work currently underway in respect of the legislative changes affecting the financial services sector during 2007 and into the future.

The financial services sector is set for a major revamp through the Review of Financial Products and Providers regulation.

As noted in the President’s report, the Insurance Council works extensively with multiple insurance industry associations and representatives and it is pleasing to report strong and constructive relationships continue to be developed. In particular, our relationship with the broking community is stronger than ever. I am very pleased to present this report to members and draw your attention to some of our successes included in the Activity Report. I look forward to continuing to represent you and our community in the future and wish you all well for 2007.

Chris Ryan
Chief Executive

Insurance Council of New Zealand

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