Law on insurance intermediaries

1994 Insurance Act is a piece of New Zealand legislation which regulates certain practices between the insured person and their brokers. Act limit the activities of intermediaries also protection of insured persons. FunctionThe of the main function of the law is to ensure that insurance intermediaries payments on behalf of the insured person are protected. The mandates of the Act, that all payments by the insured to intermediary must be released provider.ConsiderationsThe law also shows as agent for an insurance contract is handled premiums paid from any liability of the insured. Dealers must pay the insured person, an amount that exceeds the premium payable within 50 days after the end of the month in which cover begins.HistoryThe Act on 1 July 1994 adopted. Different aspects of the law amendments, insurance the 1977 law reform and the insurance intermediary was amended in 2006 under the Insolvency Act.