Financial Law

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 part-time...

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 wo...

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 buildi...

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...

SPOTLIGHT ON

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...

Feature

What’s on the regulatory horizon?

By Jemimah Giblett, solicitor, Maria Collett-Bevan, senior associate, and Kar...

Financial Services Legislation Amendment Bill (FSLAB) The FSLAB remains before the Committee of the Whole House for consideration and is expected to be progressed during the first quarter of 2019. However, it is possible that the...

Live News

Regulators’ warning for general insurers

Report slamming life insurance sector may have wider repercussions.

Regulators that issued a damning report on life insurers in New Zealand are warning that general insurance providers shouldn’t think they are in the clear. The report, by the Financial Markets Authority and Reserve Bank,...

Live News

Licensing costs revealed

It is becoming clearer what it will cost to take out a license to provide financial advice under the new legislative regime. Anyone giving advice under the new rules must work for a licensed financial advice provider. That could be...

FSCL Case Study

When two brokers get it wrong

An insurance broker arranged insurance cover for a couple’s home, including a swimming pool. Insurance premiums were increasing and the client asked the broker if he could find a cheaper policy. He offered the couple an...

FSCL Case Study

The stock loss shock

A businessman bought a jewellery store located within a shopping mall. The previous store owner’s insurance broker emailed him a new schedule of insurance in the name of his business. The schedule showed a sum insured of $150,000...

Opinion

Brokers’ guide to new regulatory environment

If your insurance broking business provides a FAS to retail clients, it will ...

Welcome to the alphabet soup of the Financial Services Legislation Amendment Bill. This bill if enacted will: • Repeal the unloved Financial Advisers Act 2008, • Amend the existing Financial Markets Conduct Act 2013...

FSCL Case Study

The $84 billion problem:

Underinsurance and sum insured

Underinsurance is a big issue in New Zealand. A 2016 Treasury report stated up to 85% of homes could be underinsured by an average of 28%. Across New Zealand, underinsurance of homes is worth an estimated $84 billion. ...

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