IBANZ Forum
QUESTION: My client has a dispute with a customer so raised a small claims tribunal action within the $30,000 limit. The customer has counter-claimed for $50,000 which, being outside small claims, I presume now becomes a civil ma...
IBANZ Forum
QUESTION: I'm dealing with a complex situation involving a commercial property owner. The owner recently obtained a valuation on their property, which has come back effectively doubling the previously insured value. Despite t...
IBANZ Forum
QUESTION: Whose responsibility is it now to notify banks if there is a mortgage or finance on a policy that is cancelled due to non-payment? Crossley Gates, Keegan Alexander Decades ago there used to be an ...
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Dentons recently provided this update on the Contracts of Insurance Act 2024
On 15 November 2024, the Contracts of Insurance Bill received royal assent. The new legislation modernises and consolidates existing insurance laws. It is intended to promote the confident and informed participation of insurers,...IBANZ Forum
QUESTION If we are endorsing a policy after 1 July but removing/reducing cover, are we using the old FENZ levy or the new one? Example - building placed 1 August 2024 but 30 July 2024 we are reducing the sum insured, are we...
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Insurance & Financial Services Ombudsman Karen Stevens said proposed changes to insurance contract law would make contracts “fairer and easier to understand” for consumers. Stevens described the Contracts of...
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The government has introduced its Contracts of Insurance Bill, with the proposed law passing its first reading on 2 May. Under the bill, insurers would bear the greater burden of disclosure obligations. Opposition parties have...
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The coalition government has decided to keep Conduct of Financial Institution...
Commerce and Consumer Affairs Minister Andrew Bayly said financial institutions would need to continue to work towards a license under CoFI, regulation which aims to prevent banks, insurers and non-bank deposit takers from mistreating...Feature
By Cecily Brick, partner, Fee Langstone
Earlier this year, the Court of Appeal upheld a High Court decision finding the owners of the Christchurch Adventure Park liable for losses caused to neighbouring property owners whose homes were damaged by the spread of fire from the...Feature
National has signalled plans to scrap CoFI, but some in the industry believe ...
With the National Party-led coalition government is still in its infancy, insurance professionals are starting to look at the group’s pre-election promises and how they might affect the broking profession. National and ACT...
