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New Zealand Legislation: Acts

Acts are laws made by Parliament

Reprint as at 3 December 2007

Insurance Intermediaries Act 1994

Public Act	1994 No 41
Date of assent	1 July 1994

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Department of Justice.

Contents

2 Interpretation

3 Act to bind the Crown

Payments to insurance intermediaries

4 Payment by insured to intermediary to be discharge of insured's liability to insurer

5 Payment by insurer to intermediary not to be discharge of insurer's liability to insured

6 Prohibition on contracting-out

7 Contracts governed by foreign law

Duties of brokers in relation to premiums

8 Duties of broker in relation to premiums

9 Payment by broker to another insurance intermediary may constitute payment to insurer

10 Duty to notify insurer if premium not paid

11 Notification by broker to another insurance intermediary may constitute notice to insurer

12 Lloyd's brokers

Duties of brokers in relation to payments due to insured

13 Duties of broker in relation to payments due to insured

Insurance broking client accounts

14 Broker to operate insurance broking client account

15 Investment of broking money

16 Broking money not capable of being attached, etc

Distribution of insurance broking client account money on insolvency

17 Distribution of insurance broking client account money on insolvency

Miscellaneous provisions

19 Act not to apply to contracts of reinsurance

20 Application of section 10 of Insurance Law Reform Act 1977

An Act to effect certain reforms in the law governing insurance intermediaries

BE IT ENACTED by the Parliament of New Zealand as follows: