List of licensed insurers in New Zealand
This page is the register of insurers licensed under section 19, 244 or 245 of the Insurance (Prudential Supervision) Act 2010.
From 7 March 2012, all insurers carrying on insurance business in New Zealand (as defined by the Act) must be licensed. It will be an offence to carry on insurance business without a licence, and the Bank may apply to the High Court to appoint a liquidator to such an insurer. Section 244 of the Act permits existing insurers to carry on insurance business under a "provisional licence" while their full licence application is assessed if they:
- carried on insurance business in New Zealand prior to 7 September 2010; and
- advised the Reserve Bank before 5 January 2011 of their intention to continue carrying on insurance business.
Insurers intending to cease carrying on insurance business can apply under section 245 for a provisional licence that will expire by 7 September 2013 (a "provisional run-off licence"). After that date, only insurers with full licences can continue carrying on insurance business in New Zealand.
Insurers that were carrying on insurance business in New Zealand before 7 September 2010, but did not advise the Reserve Bank of their intentions by 5 January 2011, must obtain a full licence or a section 245 provisional run off licence by 7 March 2012. They are not eligible for a provisional licence.
Insurers seeking to enter the New Zealand market before 7 March 2012 must obtain a full licence by 7 March 2012. After 7 March 2012, insurers must obtain a full licence before carrying on insurance business in New Zealand. New insurers are not eligible for a provisional licence or provisional run-off licence.
Until 7 March 2012, insurers remain subject to the Insurance Companies' Deposits Act 1953, the Insurance Companies (Ratings and Inspections) Act 1994, and Parts 1 and 1A of the Life Insurance Act 1908. On that date these Acts (or Parts 1 and 1A of the Act and certain other sections in respect of the Life Insurance Act 1908) are repealed by section 240 of the Insurance (Prudential Supervision) Act 2010.
During the transition process it may be helpful to refer to the Companies Office website, as this shows which insurers have lodged a deposit with the Public Trustee, as required by the Insurance Companies' Deposits Act.
Prior to 7 March 2012, placement of insurers on the insurer register will occur in batches as licensing applications are processed and criteria met. Nothing should be inferred about the prudential standing of an insurer from the order in which insurers are granted licences or in which licences are notified.
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