Government calls for review of insurance law as pressure builds over industry poor conduct

Tue, 22 May 2018

By Nikki Mandow May 22 (BusinessDesk) - Consumer Affairs Minister Kris Faafoi wants people to tell him about their concerns with the insurance industry, as pressure builds on the sector over conflicts of interest around incentives, harsh disclosure provisions, and unfair exemption clauses. A well-functioning, fair insurance system was essential, but New Zealand's regulations were outdated, with legislation spanning six different acts, some of them more than 100 years old, Faafoi said. “There are significant problems with New Zealand’s...

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