Regulatory Alerts2022-02-27
Insurance declarations and exemptions
The Reserve Bank of New Zealand issued a declaration under the Insurance (Prudential Supervision) Act 2010 stating that Ganson Management Ltd is not carrying on insurance business in New Zealand. This exemption was granted because the company's insurance activities are ancillary, limited to its own clients, and disproportionately costly to regulate relative to their scale. The declaration imposes strict conditions requiring Ganson Management Ltd to provide specific written notifications to prospective insureds and to limit contracts to cover excesses under policies with licensed insurers for its property management clients.
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