Regulation
The Fair Insurance Code
Act ethically
more »»
The Insurance & Savings Ombudsman Scheme
Be subject to independent review
more »»
The Insurance Council's Solvency Test
Be financially sound
more »»
The Legal Framework for General Insurance in New Zealand
A comprehensive financial regulatory regime
more »»
The regulatory environment
Framework |
Requirement |
Act ethically |
|
Be subject to independent review |
|
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.
The Legal Framework for General Insurance in New Zealand
New Zealand's government has recently implemented a comprehensive financial regulatory regime which has significantly changed the rules of engagement for insurers in New Zealand. This publication looks closely at the regime and its implication for those carrying on insurance business in New Zealand.
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