Insurance Companies (Ratings and Inspections) Act 1994

Before its repeal, this Act was administered by: Ministry of Economic Development
  • repealed
  • Insurance Companies (Ratings and Inspections) Act 1994: repealed, on 7 March 2012, by section 240(b) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Reprint as at 7 March 2012

Insurance Companies (Ratings and Inspections) Act 1994

Public Act1994 No 117
Date of assent25 November 1994
Commencementsee section 1(2)

  • Insurance Companies (Ratings and Inspections) Act 1994: repealed, on 7 March 2012, by section 240(b) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Note

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

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

This Act is administered by the Ministry of Economic Development.

Contents

Title

1 Short Title and commencement

2 Interpretation

3 Public notice

Part 1
Rating of insurance companies

4 Application

5 Insurers to have current rating

6 Registration of ratings

7 Inspection of current ratings

8 Public notice to be given where rating downgraded

9 Certain insurers not required to have current rating

10 Disclosure of current rating to insured

11 Cancellation of insurance if current rating not disclosed

12 Disclosure by insurers not required to be rated

13 Cancellation of insurance if section 12 not complied with

14 Disclosure by insurance intermediaries effecting insurance outside New Zealand

15 Cancellation of insurance if section 14 not complied with

16 Restraining orders

17 Approval of rating agency

18 Revocation of approval

19 Agreement to govern ratings

20 Advertising of ratings

21 Registers

22 Defences

23 No contracting out

24 Review of this Part and Insurance Companies’ Deposits Act 1953

25 Regulations

Part 2
Inspection of insurance companies

26 Registrar’s powers of inspection

27 Disclosure of information and reports

28 Application of Official Information Act 1982 and Privacy Act 1993

29 Appeals from decisions under section 28

30 Inspector’s report admissible in liquidation proceedings

31 Appeals against exercise of powers under section 26

32 Exercise of powers under section 26 not affected by appeal

Part 3
Miscellaneous

33 Application for shares in, or membership of, company not to be contained in proposal for insurance

34 Part 13 of Companies Act 1955 repealed

35 Transitional provisions

Reprint notes

An Act to provide for—

  • (a) the rating of the claims paying ability of insurers in relation to the business of insurance except life insurance; and

  • (b) inspections of insurance companies of doubtful solvency