Have your once-in-a-lifetime say on the reform of New Zealand’s insurance law before it is too late
Approximately 20 years ago, the New Zealand Law Commission recommended significant changes to New Zealand’s insurance law. Subsequently, the Commission recommended a wholesale repeal and re-write of the Life Insurance Act 1908. To date, neither has occurred. That is about to change.
In 2010, Parliament comprehensively addressed the regulation of insurers in New Zealand for the first time, by passing the Insurance (Prudential Supervision) Act 2010. Although Parliament has tinkered with insurance law several times during the last century, passing the Insurance Law Reform Acts 1977 and 1985, and the Insurance Intermediaries Act 1994, the English common-law has remained the bedrock of New Zealand’s insurance law up until now. [Read more…]