Regulatory Alerts2025-10-13
Guidelines: Restriction on the use of words associated with insurance
The Reserve Bank of New Zealand issues these guidelines to elaborate on sections 219 and 220 of the Insurance (Prudential Supervision) Act 2010, which restrict the use of terms like 'insurance' and 'underwriter' in business names. The rules prohibit unlicensed entities from using these words unless they fall under specific exemptions for roles such as brokers or loss assessors, or if they apply for and receive a formal exemption. Exemptions are granted only when the Reserve Bank is satisfied that the public will not be misled into believing the entity is a licensed insurer, based on factors like the entity's overseas origin and lack of local insurance activities.
Share