Significant changes to New Zealand’s insurance laws are in the pipeline.  

Following public consultation on proposed changes in 2018 and 2019, Cabinet has made policy decisions on the key changes which are to occur to insurance law. 

In March, the Ministry of Business Innovation and Education (MBIE) released an exposure draft of the new Insurance Contracts Bill, which aims to brings New Zealand more into line with the policyholder-friendly changes which have already occurred in Australia and the United Kingdom. 

While further public consultation is invited, it appears much of the change has been already been decided.    

Background

New Zealand’s existing insurance contract laws are spread across a variety of statutes and case law.  The Bill aims to modernise the law into one statute and make substantial change in some areas with the aim of providing greater protections to policyholders. 

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