Register of licensed insurers in New Zealand

Insurers seeking to carry on insurance business in New Zealand are required to be licensed under section 19 of the Insurance (Prudential Supervision) Act 2010 (the Act), unless section 246 (1A) applies, which means that in some circumstances insurers retain a provisional licence where they are no longer writing new policies.

This is the register of insurers who are licensed to carry on insurance business in New Zealand.

The Reserve Bank must keep a public register of licensed insurers and the current financial strength rating of each licensed insurer under section 54A of the Act.

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 register of the cancelled licences can be found on the Cancelled licences page.

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.

Financial strength ratings of licensed insurers in New Zealand

Section 60 of the Act requires some licensed insurers to have a current financial strength rating from an approved rating agency. These insurers are required to comply with various provisions including disclosing whether an overseas policyholder preference exists and disclosure to the policyholder of the current rating before entering into or renewing a contract of insurance.

Some licensed insurers are not required to have a financial strength rating such as reinsurers, captive insurers, small insurers (as defined in the Insurance (Prudential Supervision) Regulations) or where an exemption is granted because the insurer has ceased to enter into new contracts of insurance. Information on what financial strength ratings are, the criteria and scale can be found on the websites of each of the following approved rating agencies via the link provided:

The ratings in the table below are as disclosed to the Reserve Bank. Reasonable efforts have been made to ensure that these are up-to-date however the Reserve Bank cannot guarantee that a rating will be the most up-to-date in all circumstances and at all times as this relies on the licensed insurer notifying the Reserve Bank of changes in defined timeframes.

Further information
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The Insurance (Prudential Supervision) Act 2010 (the Act) includes general provisions relating to declarations and exemptions. The purpose of declarations and exemptions is to allow flexibility when applying the insurance prudential supervision regime where appropriate, provided certain conditions are met.
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Licences may be cancelled for a number of reasons, as outlined in section 30 of the Act. The register of cancelled licences reflects the legal company name recorded with the Companies Office at the time the licence was cancelled.

Last updated: 5 September 2017

Insurer Licence Effective Date Name of rating agency and rating Exemptions
    A.M. Best Standard & Poor’s Fitch S38
S59
S60(2A)
S119
S204(4)
AA Insurance Limited 07/05/2013 A+
Acanthus Insurance Company Limited 17/07/2013 Not required Not required Not required
ACS (NZ) Limited *** 27/02/2012 Not required Not required Not required Y
AIA International Limited 22/08/2013 AA- Y
AIG Insurance New Zealand Limited 23/11/2011 A
Aioi Nissay Dowa Insurance Co., Ltd 12/03/2013 A+ A+ Y Y
Allianz Australia Insurance Limited 01/01/2013 AA- Y Y
American Income Life Insurance Company 23/08/2013 A+   Y
AMP Life Limited 05/09/2013 AA- Y Y Y
Asteron Life Limited 17/05/2013 A+
Atradius Credito y Caucion, S.A. de Seguros y Reaseguros 28/06/2013 A   Y Y
Beneficial Insurance Limited 27/02/2013 B+  
Berkshire Hathaway Specialty Insurance Company 29/06/2015 A++ AA+ Y Y
BNZ Life Insurance Limited 18/04/2013 A  
Booster Assurance Limited 08/05/2013 Not required Not required Not required
CBL Insurance Limited 04/09/2013 A-  
Chubb Insurance New Zealand Limited 02/08/2013 AA-
Cigna Life Insurance New Zealand Limited 12/08/2013 A-  
Consumer Insurance Services Limited 13/05/2013 B++  
Co-operative Life Limited 25/03/2013 B++  
Credit Union Insurance Limited 01/04/2013   BBB-
DPL Insurance Limited 22/08/2013 B+  
Education Benevolent Society Incorporated 18/04/2013 B++  
Factory Mutual Insurance Company 05/10/2015 A+ A+ AA Y Y
Fidelity Life Assurance Company Limited 02/08/2013 A-  
First American Title Insurance Company of Australia Pty Limited 26/08/2013 A   Y Y
FM Insurance Company Limited 28/06/2013 A+ A+ AA Y Y
FMG Insurance Limited 27/02/2013 A  
Foundation Life (NZ) Limited 26/08/2013 A-  
General Reinsurance Australia Ltd 22/05/2013 Not required Not required Not required Y Y
General Reinsurance Life Australia Ltd 22/05/2013 Not required Not required Not required Y Y Y
Genworth Financial Mortgage Insurance Pty Limited 18/04/2013 A+ A+ Y Y
Great Lakes Insurance SE 02/04/2013 A+ AA- Y Y
Hallmark General Insurance Company Ltd. 29/02/2012 BBB+ Y Y
Hallmark Life Insurance Company Limited 28/05/2013 BBB+ Y Y Y
Hannover Life Re of Australasia Ltd 02/04/2013 AA- Y Y Y
Health Service Welfare Society Limited 11/06/2013 B  
IAG New Zealand Limited 13/08/2013 AA-
Indemnity and General Insurance Company Limited 15/07/2013 Not required Not required Not required
Kiwi Insurance Limited 10/06/2013 A-  
Lifetime Income Limited 04/12/2015 B-  
Lloyd's of London 19/06/2013 A A+ AA- Y Y
Manchester Unity Friendly Society 29/04/2013   BB-
Marac Insurance Limited 07/05/2013   BBB+
Medical Insurance Society Limited 27/05/2013 A-
Medical Life Assurance Society Limited 27/05/2013 A-
Meridian Energy Captive Insurance Limited 25/06/2013 Not required Not required Not required
Mitsui Sumitomo Insurance Company, Limited 25/03/2013 A+ A+ Y Y
Munich Reinsurance Company 02/04/2013 Not required Not required Not required Y Y
Munich Reinsurance Company of Australasia Limited 02/04/2013 Not required Not required Not required Y Y Y
New Zealand Dental Insurance Society Limited 15/07/2013 Not required Not required Not required
New Zealand Medical Professionals Limited 28/06/2013 B+  
nib nz limited 26/06/2013 A-  
OnePath Life (NZ) Limited 07/05/2013 A+
Pacific International Insurance Pty Limited 04/09/2013 B++   Y Y
Partners Life Limited 03/09/2013 B++  
Pinnacle Life Limited 29/04/2013 B  
Police Health Plan Limited 07/05/2013 A-  
Product Care (NZ) Limited 30/05/2013 B++  
Provident Insurance Corporation Limited 31/07/2013 B++  
QBE Insurance (Australia) Limited 18/12/2015 A+ Y Y
QBE Lenders' Mortgage Insurance Limited 01/03/2013 A+ AA- Y Y
Quest Insurance Group Limited 29/04/2013 B  
RGA Reinsurance Company of Australia Limited 24/02/2012 Not required Not required Not required Y Y Y
SCOR Global Life SE 08/03/2012 Not required Not required Not required Y
Selacs Insurance Limited 31/07/2013 Not required Not required Not required
Southern Cross Benefits Limited 19/02/2013 A
Southern Cross Medical Care Society 21/02/2013 A+
Southsure Assurance Limited 15/07/2013   BBB+
Sovereign Assurance Company Limited 16/08/2013 A+  
Sunderland Marine Insurance Company Limited 19/06/2013 A Y Y
Swiss Re Life & Health Australia Limited 02/05/2013 Not required Not required Not required Y Y Y
Teal Insurance Limited 29/05/2013 Not required Not required Not required
Teleco Insurance (NZ) Limited 10/06/2013 BBB+
The Hollard Insurance Company Pty Ltd 14/01/2016 A-   Y Y
The New India Assurance Company Limited 26/02/2013 A-   Y Y
Tokio Marine & Nichido Fire Insurance Co., Ltd. 11/03/2013 A++ A+ A+ Y Y
TOWER Insurance Limited 27/08/2013 A-  
TrustPower Insurance Limited 04/04/2013 Not required Not required Not required
Union Medical Benefits Society Limited 23/05/2013 A  
Unison Insurance Limited 22/07/2013 Not required Not required Not required
Vero Insurance New Zealand Limited 07/06/2013 A+
Vero Liability Insurance Limited 07/05/2013 A+
Veterinary Professional Insurance Society Incorporated 15/07/2013 Not required Not required Not required
Virginia Surety Company, Inc 27/06/2013 A-   Y Y
Westpac Life-NZ- Limited 01/05/2013 A+
Youi NZ Pty Limited 28/07/2014 B++  
Zurich Australian Insurance Limited 15/07/2013 A+ Y Y

*** Provisionally licensed under s246(1A)