Under the Insurance (Prudential Supervision) Act 2010 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 Insurance (Prudential Supervision) Act 2010.
From 7 March 2012, all insurers carrying on insurance business in New Zealand (as defined by the Act) were required to be licensed. Insurers that were carrying on insurance business prior to 7 September 2010 and who advised of their intention to continue to carry on insurance business were able to be provisionally licensed under Section 244 of the Act while their full licence application was progressed. Insurers who intended to cease carrying on insurance business could apply under section 245 for a provisional run-off licence, which required them to cease carrying on insurance business by 9 September 2013.
Insurers wanting to carry on insurance business in New Zealand after 9 September 2013 were required to be fully licensed under section 19 of the Act by that date, unless the provisions of section 246 (1A) apply. These provisions mean that in some circumstances insurers can retain a provisional licence such as where an insurer is no longer writing new policies.
New insurers must obtain a full licence before commencing insurance business in New Zealand.
Nothing should be inferred about the prudential standing of an insurer from the order in which licences were granted or notified.
Licences may be cancelled for a number of reasons as outlined in section 30 of the Act, ranging from an insurer ceasing to carry on insurance business due to a voluntary exit or transfer through to regulatory action.
The name of the licensed insurer reflects the official company name as recorded with the Companies Office under the Companies Act 1993. Trading names and/or brands are not included. The link to the licence document reflects the official company name that existed at the time the licence was issued and not any subsequent changes.
An insurer may be licensed unconditionally or subject to conditions that the Reserve Bank may consider appropriate. Section 21 of the Act enables the Reserve Bank to set conditions of licence specific to individual insurers. Such conditions may be necessary to accommodate certain insurer-specific matters which may arise with individual insurers as well as set some general conditions that apply to all, or most, 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 Reserve Bank’s Licensing for insurers page. It also covers other aspects of the Reserve Bank’s supervision role.
Click here for the financial strength rating section of the public register of licensed insurers.
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