Financial Law

FSCL Case Study

Covid-19 complaints and the importance of clear...

FSCL expects more complaints about insurance brokers as the pandemic effects ...

We are starting to see a few complaints about insurance brokers arising out of Covid-19 disruption and expect we may see more as time goes on. We anticipate that as clients, in particular small businesses, discover that their insur...

Feature

GST payable on insurance proceeds received by t...

By Andrew Ryan and Simon Akozu, Minter Ellison Rudd Watts

Inland Revenue has confirmed that a third party claimant who is GST-registered can be liable for GST where they receive a payment from an insurer in settlement of an insured person’s liability. This applies irrespective of th...

Opinion

Avoidance for material non-disclosure

Recent English case provides lessons for NZ By Crossley Gates

A Parliamentary Bill is due later this year to start the process of reforming New Zealand’s duty of disclosure law, as well as many other insurance law reforms.  However, given the Covid-19 pandemic, we expect this may n...

SPOTLIGHT ON

Feature

Regulatory changes on the horizon

By Jeremy Muir, Maria Collett-Bevan, Minter Ellison Rudd Watts

Conduct of Financial Institutions Bill The Government has made it clear that ensuring that financial institutions’ “conduct and culture” result in good outcomes for all customers is a priority, following...

Ask an Expert

Not sick enough

Two people had planned a safari tour to Africa. Both obtained travel insurance policies from the same insurer. A month before their trip, one man got ill and his GP declared that he was unfit to travel for the next three months. ...

FSCL Case Study

How many excesses?

The insured ran an automotive glass repair company. In 2017 his company had to replace 144 windscreens that had sensors in them. The workmen who did the replacements did not recalibrate the sensors after replacing the windscreens. This...

Feature

More conduct rules on the way

A bill that will put more conduct obligations on insurers has passed its first reading in Parliament. The Conduct of Financial Institutions Bill was drafted after reviews by the Financial Markets Authority and Reserve Bank, which...

FSCL Case Study

Missing jetski

In early 2018, the insured’s jet ski stopped working. He took the jet ski to his usual repairer, but they were at capacity, and could not take on the repairs. They recommended another repairer, who was performing repairs...

FSCL Case Study

How much support should a broker offer?

A client engaged a tiler, to assist with a bathroom renovation. The tiler engaged a subcontractor to complete one aspect of the renovation. Unfortunately, the clients were not happy with the standard of the subcontractor’s...

FSCL Case Study

Communication breakdown

The clients were a couple who lived in a remote part of New Zealand, running a building business as well as a bed-and-breakfast. They arranged liability insurance for their business, as well as material damage insurance for their...

Opinion

Should the existence of double insurance be lik...

by Crossley Gates

Insuring the same risk twice with different insurers is not as silly as it sounds. In the early days of marine insurance, insureds commonly purchased more than one insurance policy to cover the same risk in order to protect...

Feature

Duty to disclose gets update

by Lloyd Kavanagh, Jeremy Muir, Kara Daly, Andrew Suggate, Maria Collett-Beva...

A little over 20 years ago, the Law Commission published a paper with a title that hinted only vaguely at its contents: “Some Insurance Law Problems”. It examined five unrelated aspects of insurance law that were...

Live News

Insurance laws under spotlight

A review of insurance contracts law wants to tackle issues of non-disclosure. Submissions are currently open on an options paper that sets out the Ministry of Business, Innovation and Employment’s plans to revamp the laws...

FSCL Case Study

Extra excess

Chris owned a small furniture business. He purchased a range of business insurance policies through a broker. One of the policies Chris purchased gave him cover for natural disasters. But when the broker sent Chris the insurance...

Feature

The duty of disclosure - will it be modernised ...

By Nick Frith, senior associate, and Andrew Horne, partner, Minter Ellison Ru...

The Law Commission paper  A little over 20 years ago, the Law Commission published a paper with a title that hinted only vaguely at its contents: “Some Insurance Law Problems”.  It examined five...

Training & Qualifications

Professional IQ College offers workshops, online courses, webinars and qualifications.
For upcoming events:


Click here

Knowledge Base

Where members can access industry Resources & Media Content


Click here