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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

New Zealand * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance

Lloyd's underwriters are licensed to write insurance in or from New Zealand.

Lloyd's underwriters are authorised to write life insurance business in or from New Zealand, provided certain tax, regulatory and AML requirements are met (please see below for further detail).

Reinsurance

Lloyd's underwriters are permitted to write reinsurance in or from New Zealand.

Lloyd's underwriters are authorised to write life reinsurance business in or from New Zealand, provided certain tax, regulatory and AML requirements are met (please see below for further detail).

Last updated: 15 Jun 2018


Definition of risk location

Lloyd's
Insurance

A New Zealand contract means any contract or policy of insurance which relates to: 

  • Any risks where the address or principal office of the insured is in New Zealand. 
  • The insured person is resident inside New Zealand.
  • The contract is entered into for the purposes of a business carried on by the person in New Zealand through a fixed establishment in New Zealand.

Reinsurance

A New Zealand reinsurance contract means any contract or policy of reinsurance where:

  • The registered office of the ceding company that has reinsured with Lloyd's underwriters is in New Zealand.
  • The ceding company that has reinsured with Lloyd's underwriters is not incorporated in New Zealand but the contract is made with a branch office in New Zealand of that company.
Last updated: 17 Oct 2018


Definition of New Zealand

Unless otherwise stated, 'New Zealand' includes the islands and territories of New Zealand but does not include Tokelau, the Ross Dependency or the self-governing states of the Cook Islands and Niue.

Last updated: 31 Jul 2017


Class specific regulations

Lloyd's
Directors' & Officers' Liability
Last updated: 31 Jul 2017


Distribution channels

Coverholder business

Lloyd's
Lloyd's requirements for a coverholder carrying on New Zealand business on behalf of a Lloyd's managing agent.

Binding authority held by a New Zealand based coverholder

Last updated: 31 Jul 2017

click for more detail More detail

Binding authority held by a coverholder based outside of New Zealand
Last updated: 31 Jul 2017

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Coverholder Approval Process
Last updated: 31 Jul 2017


Establishment of service companies
Last updated: 31 Jul 2017


Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 21 Feb 2019


Market Reform contract guidance

Lloyd's
This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (i.e. not reinsurance).
Last updated: 31 Jul 2017


Language of contract

Lloyd's
As Lloyd's is a member of the Insurance Council of New Zealand, and must comply with the Fair Insurance Code for all New Zealand based Coverholder business, 'plain English' policy wordings and other insurance documents must be used.
Last updated: 31 Jul 2017

Choice of law

Lloyd's
To meet contract certainty requirements, the contract should contain a choice of law clause.

New Zealand law is generally specified. However, this is not a statutory requirement and the underwriter can agree with the insured the country’s law that will be specified by the choice of law clause.

Last updated: 31 Jul 2017

Jurisdiction

Lloyd's
The contract should include a clause recording the jurisdiction that will apply to the contract and the underwriter can agree this jurisdiction with the insured. However this designation may not be effective in the event of a dispute.
Last updated: 31 Jul 2017

Service of suit

Lloyd's
The inclusion of a service of suit clause, although not mandatory in New Zealand, is recommended by Lloyd's.

Lloyd's General Representative can be nominated for service of suit. However, this is not compulsory and other New Zealand individuals or entities can be named if required.

The General Representative is authorised to accept service of suit of legal process on behalf of Lloyd’s underwriters in their capacity as registered insurers, if the policy so provides.

Where underwriters agree to use the General Representative for service of suit purposes, it is recommended that slip and policy documentation refer to them by title rather than name.

Last updated: 08 Aug 2017