Requirement to be licensed
Under the Insurance (Prudential Supervision) Act 2010 (IPSA), anyone carrying on insurance business in New Zealand must be licensed by us. It is an offence to carry on insurance business in New Zealand without a licence.
The meaning of ‘carrying on insurance business in New Zealand’ is defined in section 8 of the IPSA. It includes:
- acting as an insurer (in New Zealand or elsewhere) and
- being liable under an insurance contract to a New Zealand policyholder.
Prohibition on using restricted words
There is a prohibition on:
- using a restricted word in its name or title, or
- carrying on activities in New Zealand using a name or title that includes a restricted word,
for any persons who do not carry on insurance business in New Zealand.
What the ‘restricted words’ are
The ‘restricted words’ are set out in section 219 of the IPSA. They are ‘insurance’, ‘assurance’, ‘underwriter’, ‘reinsurance’ or any other terms with a similar meaning.
If a person does not carry on insurance business in New Zealand, then the restricted words may not be used in their name or title.
However, this restriction does not apply to:
- industry associations
- those who, in connection with any insurance business carried on in New Zealand:
- help issue or administer contracts of insurance or help collect premiums
- act as an insurance loss adjustor or assessor, or
- arrange, negotiate, solicit or promote contracts of insurance or their renewal (for example, a broker or other insurance intermediary).
Businesses with exemptions
We can grant exemptions where a person:
- will not be carrying on insurance business in New Zealand, and
- has a legitimate reason to use the particular word in the name or title.
An exemption to use a ‘restricted word’ is not the same as an exemption from being licensed under the IPSA. Persons with a ‘restricted word’ exemption are not required to be licensed, regulated or supervised under the IPSA – they are simply allowed to use a restricted word in their name.
We have granted exemptions to the following:
A—C
Assess Control Assure NZ Pty Ltd
AssuranceLab NZ Limited
Assurance Simplified Limited
Assure Admin Services Limited
Assure AML Limited
Assure Build Limited
Assure Legal Limited
Assure Rentals Whangarei Limited
Assure Safe Limited
Assure Safety NZ Limited
Assured Accounting Services Limited
Assured Construction Limited
Assured Home Care Limited
Assured Safety Consulting Limited
Assured Treasury Limited
AssuredCarbon Limited
Assuretech Limited
Assurezy Information Security Services Limited
Asure Accommodation Limited
Asure Security Limited
Brosnan Assured Limited
Climate Assured Homes Limited
Commercial Union General Insurance Staff Pension
F—M
Financial & Insurance Management Services Limited
FoodAssured Limited
Global Assurance Limited
Guardian Assurance Superannuation Plan
Insurance Advocates Limited
Insurance Technologies Limited
Insure Minder Limited
Insure Repair NZ Limited
Insured Group Limited
Insuranceai Limited
Insureitssafe Limited
InsureOS Limited
Maritime Mutual Insurance Association (NZ) Ltd
Medical Assurance Society KiwiSaver Plan
Medical Assurance Society Retirement Savings Plan
MGI Auckland Assurance Limited
N—T
New Zealand Farm Assurance Incorporated
New Zealand Global Halal Assurance Limited
P4Assure Limited
PE Insure Funding
Quality Assurance New Zealand Limited
Rest Assure Respite Trust Limited
Rest Assured Charitable Trust
Rest Assured Respite Trust Limited
Rest Assured Limited
Safety Assured NZ Limited
Sum Insured NZ Limited
Thompson Wentworth Insurance Management Limited
How to apply for an exemption
If you are subject to the restriction, but you want to use the restricted words in your name or title, you may seek an exemption from us.
Email [email protected] with the following information, and we will get in touch:
- the (proposed) name of your business
- your reasons for using a restricted word
- the (proposed) activities your business will carry on in New Zealand
- whether or not your business will carry on insurance business in New Zealand.