Any legal entity carrying on the business of fire or general insurance underwriting or reinsurance in New Zealand may apply to become a member of ICNZ.
The Insurance Council of New Zealand is the industry representative body for fire and general insurance in New Zealand.
As a member of ICNZ, your organisation will benefit from being part of an industry organisation that
- has a strong, credible industry brand
- is dedicated to building trust and confidence in the insurance sector
- promotes high professional standards through the ICNZ Rules and Fair Insurance Code
- manages the sector’s brand and reputation
- represents members’ interests credibly to New Zealand government decision-makers, regulators and other third parties
- provides early warnings and intelligence of emerging strategic or structural issues for New Zealand
- promotes a stable and effective regulatory and legal framework
- identifies issues that require facilitation on a cross-industry basis consistent with the provisions of the Commerce Act
- supports innovation which delivers value for consumers and the industry
- promotes and offers high-quality training and development where appropriate
- provides high-quality, insightful industry data and advice
- promotes financial capability regarding risk management and insurance
- promotes resilience and risk reduction to keep insurance available and accessible
- develops responses to industry risks and opportunities across areas of employment, skill needs and technological change
- collects and disseminates industry performance and benchmarking data
- provides mechanisms for networking and building of professional relationships across the industry, including on important areas of common interest and community good.
Anyone who acts as a manager, issuer, insurer or reinsurer of insurance products offered in New Zealand can apply to become a member of ICNZ.
There are two levels of membership – ordinary and associate. Associate members are those organisations that do not meet the criteria for ordinary membership but whose business activities are, in the opinion of the Board, compatible with those of existing members and whose membership would further the objectives of the Council. Associate membership is open to reinsurance brokers, independent underwriting agencies and consultants to the sector under special partnership arrangements. Associate members do not have voting rights but receive all other benefits of being a member. Applications for both ordinary and associate membership will be considered by the Board and should be addressed to the Chief Executive.
Anyone interested in becoming either a member or associate member should contact ICNZ for an application pack which will contain a
- membership application form
- confidential levy return form, so if accepted we are able to determine the applicable levy level
- list of levy definitions to help complete the levy return form
- copy of the ICNZ Rules and the Fair Insurance Code.
Insurers that operate in New Zealand may also apply to join the Insurance Claims Register.
All members are required to
- agree to be bound by the Rules of the Council
- adhere to the Fair Insurance Code
- show proof that they have been issued with either a provisional or full licence from the Reserve Bank of New Zealand, if they are an insurer
- pay the assessed levies
- provide statistical data as required by the Rules of the Council.
All members are expected to
- have internal disputes resolution processes in place
- be active participants in both the work of the Council and its standing committees.
Members are required to abide by the Council’s Fair Insurance Code. This is a code of practice, which has been developed by the Insurance Council following extensive consultation with the sector, consumer rights groups, government, dispute resolution schemes and other interested parties. The Code outlines basic obligations which insurers must meet as well as the insurers’ expectations of customers.
Members are required to pay an annual levy. In addition to this, members may be required to pay such levies as the Board shall from time to time assess to meet any additional items of expenditure.
Levies are currently set at a minimum of $25,000 and a maximum of $225,000 per annum for members. The actual amount of levy is set relative to the GWP of each member.
A breakdown of the levy structure is available below.
|GWP or membership type||Levy|
|< $25m or associate member||$25,000|
|$25m – $50m||$50,000|
|$50m – $75m||$75,000|
|$75m – $100m||$100,000|
|$100m – $150m||$125,000|
|$150m – $500m||$150,000|
|$500m – $1b||$175,000|