Register of licensed insurers in New Zealand
Insurers seeking to carry on insurance business in New Zealand are required to be licensed under section 19 of the Insurance (Prudential Supervision) Act 2010 (the Act), unless section 246 (1A) applies, which means that in some circumstances insurers retain a provisional licence where they are no longer writing new policies.
This is the register of insurers who are licensed to carry on insurance business in New Zealand.
The Reserve Bank must keep a public register of licensed insurers and the current financial strength rating of each licensed insurer under section 54A of the Act.
The Act includes provisions relating to exemptions. Exemptions allow suitable flexibility when applying the prudential supervision regime, and typically apply to overseas insurers subject to equivalent regulation in their home jurisdictions. Information on exemptions issued can be found on the Declarations and exemptions page.
Licences may be cancelled for a number of reasons, as outlined in section 30 of the Act, such as an insurer ceasing to carry on insurance business due to a voluntary exit from the market. The register of the cancelled licences can be found on the Cancelled licences page.
The name of the licensed insurer reflects the legal company name recorded with the Companies Office under the Companies Act 1993. Trading names and/or brands are not included.
Financial strength ratings of licensed insurers in New Zealand
Section 60 of the Act requires some licensed insurers to have a current financial strength rating from an approved rating agency. These insurers are required to comply with various provisions including disclosing whether an overseas policyholder preference exists and disclosure to the policyholder of the current rating before entering into or renewing a contract of insurance.
Some licensed insurers are not required to have a financial strength rating such as reinsurers, captive insurers, small insurers (as defined in the Insurance (Prudential Supervision) Regulations) or where an exemption is granted because the insurer has ceased to enter into new contracts of insurance. Information on what financial strength ratings are, the criteria and scale can be found on the websites of each of the following approved rating agencies via the link provided:
The ratings in the table below are as disclosed to the Reserve Bank. Reasonable efforts have been made to ensure that these are up-to-date however the Reserve Bank cannot guarantee that a rating will be the most up-to-date in all circumstances and at all times as this relies on the licensed insurer notifying the Reserve Bank of changes in defined timeframes.