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Fair Insurance Code Questions & Answers – Part 3
In the previous post, covering FAQ 7, it was stated that an underlying purpose of the Code was to pre-empt any external control on how insurers carried out their business. The point was also made that...
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Summarising the Revised Fair Insurance Code and its shortcomings – Part 1
The Fair Insurance Code serves two purposes: operational and political. Operationally the Code exists to briefly sketch how insurance processes work, to make customers aware that both insurers and they...
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Summarising the Revised Fair Insurance Code – Part 2
In this post we will look at whether the Code is fair or transparent, and whether utmost good faith remains relevant to New Zealand insurance practices. Is it a Fair code? No. There is no definition...
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Summarising the Revised Fair Insurance Code – Part 3
Insurance policies and the associated code of conduct cannot be seen in isolation from those who buy the policies, and the claims experiences they undergo. So far the Revised Code has been considered...
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Concerned IAG may cash you out?
Lawyer Duncan Webb from law firm Lane Neave has written an article My insurer wants to cash settle my claim … which covers the issues IAG customers might find themselves facing. The article is here. It...
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Fair Insurance Code 2016– where to now?
The revised Fair Insurance Code has yet to be ratified. It is to be considered at the ICNZ AGM some time this month and “there may be minor adjustments” to the Code. One wonders what “minor” might...
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Insurance Ombudsman wants insurance legislation to cover non-disclosure of...
The Insurance Business New Zealand website is reporting that the Insurance and Savings Ombudsman Karen Stevens supports legislation to better protect customers relating to information they disclose to...
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Legal class action against Southern Response?
Wednesday’s Press has an article Southern Response class action ‘no win, no fee’ here. The proposal, offered by law firm GCA lawyers, is for “disgruntled customers of a major earthquake claims-holder...
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Residential Red Zone offer feedback sought
CERA is seeking feedback on their Preliminary Draft Residential Red Zone Offer Recovery Plan. Comments must be submitted by 5.00pm on the 19th of May. The Draft plan starts off by explaining the...
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More support for legislative changes covering insurance non-disclosure
The Insurance Business New Zealand website reprorts that dispute resolution service Financial Services Complaints Ltd (FSCL) supports the Insurance and Savings Ombudsman’s view legislation is needed to...
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