Financial Law

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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.  H...

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 w...

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...

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...

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