New Zealand: Insurers to be given three-year grace period to adopt changes to insurance law
Source: Asia Insurance Review | Jun 2024
The Insurance Council of New Zealand (ICNZ) welcomed the first reading on 2 May 2024 of the Contracts of Insurance Bill, saying the overhaul of the legislation is well overdue.
ICNZ chief executive Kris Faafoi said that given the sheer scale of the reforms, it is important that sufficient time is allowed for the industry to implement and bed in the changes once they are known. He said, “We are pleased to see that the minister has allowed up to three years.”
Mr Faafoi said that the current legislation is widely acknowledged to be outdated, unwieldy, and not fit for purpose in today’s world. The new Bill will help tidy up, rationalise, and update New Zealand’s insurance law into a single framework to support well-functioning insurance markets for both insurers and consumers. A