Insurance Intermediaries Act 1994

2 Interpretation

• (1) In this Act, unless the context otherwise requires,—

  arrange, in relation to contracts of insurance, includes negotiating, soliciting, or procuring any such contract

  broker, in relation to an insurer, means a person—

  • (a) who carries on the business of arranging contracts of insurance (whether or not the business is the person's principal business or is carried on in connection with any other business); and

  • (b) who is not the employee of the insurer; and

  • (c) who is not appointed, under a signed agreement, as the agent for the insurer for the purposes of receiving money due to the insurer from the insured and due to the insured from the insurer

  contract of insurance includes a proposed contract of insurance

  insurance broking client account means an account established and maintained in accordance with section 14

  insurance intermediary—

  • (a) means a person—

    • (i) who for reward arranges contracts of insurance in New Zealand or elsewhere; and

    • (ii) who does so as the employee of or agent for 1 or more insurers or as the agent for the insured; and

  • (b) includes a broker

  insured means any person who has entered into, or who proposes to enter into, a contract of insurance with an insurer, and includes any person who is entitled to the whole or part of the benefit of the contract of insurance

  insurer, in relation to a contract of insurance, means the person by whom or on whose behalf the risk, or a part of the risk, to which the contract relates is accepted

  person includes a body of persons whether incorporated or not

  premium includes an instalment of a premium

  prescribed means prescribed by regulations made under section 18.

  (2) For the purposes of this Act, any person who is appointed, under a signed agreement, as an agent of the insurer shall be deemed, unless the agreement states otherwise, to be appointed, under that agreement, as an agent of the insurer for the purposes of receiving money due to the insurer from the insured and due to the insured from the insurer.

  Compare: Insurance (Agents and Brokers) Act 1984 s 9 (Aust)