NEW ZEALAND
North Island
Auckland
New Zealand
Wellington
Law and Practice Contributed by: Aaron Sherriff, Tanya Wood and Nick Laing Duncan Cotterill
South Island
Contents 1. Basis of Insurance and Reinsurance Law p.356 1.1 Sources of Insurance and Reinsurance Law p.356 2. Regulation of Insurance and Reinsurance p.356 2.1 Insurance and Reinsurance Regulatory Bodies and Legislative Guidance p.356 2.2 Writing of Insurance and Reinsurance p.357 2.3 Taxation of Premium p.358 3. Overseas Firms Doing Business in the Jurisdiction p.358 3.1 Overseas-Based Insurers or Reinsurers p.358 3.2 Fronting p.358 4. Transaction Activity p.358 4.1 M&A Activities Relating to Insurance Companies p.358 5. Distribution p.359 5.1 Distribution of Insurance and Reinsurance Products p.359 6. Making an Insurance Contract p.360 6.1 Obligations of the Insured and Insurer p.360 6.2 Failure to Comply With Obligations of an Insurance Contract p.360 6.3 Intermediary Involvement in an Insurance Contract p.360 6.4 Legal Requirements and Distinguishing Features of an Insurance Contract p.361 6.5 Multiple Insured or Potential Beneficiaries p.361 6.6 Consumer Contracts or Reinsurance Contracts p.362 7. Alternative Risk Transfer (ART) p.362 7.1 ART Transactions p.362 7.2 Foreign ART Transactions p.362
9. Insurance Disputes p.363 9.1 Insurance Disputes Over Coverage p.363 9.2 Insurance Disputes Over Jurisdiction and Choice of Law p.363 9.3 Litigation Process p.364 9.4 Enforcement of Judgments p.364 9.5 Enforcement of Arbitration Clauses p.364 9.6 Enforcement of Awards p.364 9.7 Alternative Dispute Resolution p.365 9.8 Penalties for Late Payment of Claims p.365 9.9 Insurers’ Rights of Subrogation p.365 10. Insurtech p.365 11. Emerging Risks and New Products p.366 11.1 Emerging Risks Affecting the Insurance Market p.366 11.2 New Products or Alternative Solutions p.366 12. Developments in Insurance Law p.367 12.1 Significant Legislative or Regulatory Developments p.367 10.1 Insurtech Developments p.365 10.2 Regulatory Response p.365
8. Interpreting an Insurance Contract p.362 8.1 Interpretation of Insurance Contracts and Use of Extraneous Evidence p.362 8.2 Warranties p.362 8.3 Conditions Precedent p.363
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