11/03/2022·4 mins to read
The Insurance Contracts Bill: a much-needed update
New Zealand’s current insurance legislation is unwieldy, disjointed and at times, unfair. That is set to change.
On 24 February 2022, the Ministry of Business, Innovation and Employment released an exposure draft of the Insurance Contracts Bill for public consultation. The Bill tidies up a number of curly insurance law issues, rationalises New Zealand’s various insurance statutes into one and, importantly, modernises insurance contracts law in line with other jurisdictions.
Submissions on the Bill close on 4 May 2022. If you want to discuss the Bill or get assistance with submissions, please get in touch. We have experts who know the insurance market, and who help with regulatory compliance, indemnity issues and claims (for insurers and insureds).
We have summarised here what we think are the most important changes that, despite having obvious benefits, may require further thought to ensure the Bill is fair and workable.