Insurers seeking to carry on insurance business in New Zealand are required to be fully licensed under section 19 of the Insurance (Prudential Supervision) Act 2010, unless section 246 (1A) applies, which means that in some circumstances insurers retain a provisional licence where they are no longer writing new policies.
The Reserve Bank must keep a public register of licensed insurers. The following list forms part of the public register under section 54A. It is the list of insurers licensed under section 19, 244 or 245 of the Act. The financial strength rating of insurers, that is also part of the register, is found here Financial strength ratings of licensed insurers.
An insurer may be licensed unconditionally or subject to conditions. Section 21 of the Act enables the Reserve Bank to set conditions of licence. These can be general conditions that apply to all, or most, insurers, or can be specific to individual insurers. Section 54 of the Act requires the Bank to publish its policies in relation to how it will determine applications for licences and conditions. This is detailed in the Conditions of licence and licensing policy published on the Licensing for insurers page.
The Act includes provisions relating to exemptions. Exemptions allow suitable flexibility when applying the prudential supervision regime, and typically apply to overseas insurers subject to equivalent regulation in their home jurisdictions. Information on exemptions issued can be found on the Declarations and exemptions page.
Licences may be cancelled for a number of reasons, as outlined in section 30 of the Act, such as an insurer ceasing to carry on insurance business due to a voluntary exit from the market.
The name of the licensed insurer reflects the legal company name recorded with the Companies Office under the Companies Act 1993. Trading names and/or brands are not included. The link to an insurer’s licence document reflects the legal company name that existed at the time the licence was issued and not any subsequent name changes.
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