Regulatory Alerts2022-02-27
Restrictions on use of the word 'insurance'
The Reserve Bank of New Zealand mandates that only licensed entities may carry on insurance business in New Zealand under the Insurance (Prudential Supervision) Act 2010. The regulator prohibits unlicensed persons from using restricted terms such as 'insurance' or 'assurance' in their business names to prevent public confusion, with specific exemptions for industry associations and intermediaries. Entities seeking to use these words without conducting insurance business must apply for a specific exemption by providing their proposed name, reasons for use, and activity details to the licensing team.
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