NEW ZEALAND Trends and Developments Contributed by: Fionnghuala Cuncannon and Kate Muirhead, Cuncannon
Competition and antitrust The Commerce Act 1986 prohibits anti-competitive behaviour and acquisitions that substantially lessen competition. It also provides for the regulation of the price and quality of goods and services in certain mar- kets. The government announced a targeted review of the Commerce Act in 2024, and public consultation closed in 2025. Proposed amendments to the Com- merce Act include: • introducing a new statutory notification regime, as a low-cost alternative to authorisation for arrange- ments that may technically breach cartel provisions but are unlikely to harm competition; • powers enabling the Commerce Commission (the regulator) to exempt classes of conduct that may technically breach the Commerce Act but are likely to cause minimal harm to competition, or create public benefits; • fee relief mechanisms; • procedural streamlining and flexibility; • enabling the Commerce Commission to seek per- formance injunctions requiring parties to remedy contraventions of the Commerce Act; and • enhanced measures to protect confidential infor- mation shared by businesses and individuals with the Commerce Commission. Legislation amending the Commerce Act is intended to be passed by the end of 2026.
Insurance contracts Insurance contracts were previously governed by a variety of laws, some of which were more than 100 years old, and by common law principles. The Con- tracts of Insurance Act 2024 repeals and amends existing insurance contract legislation, and consoli- dates it in a clear, modern format. Key changes under the Contracts of Insurance Act include: • a new distinction between consumer and non-con- sumer insurance contracts; • revised duties owed by policyholders to insurers to disclose information (for both consumer and non- consumer insurance contracts); • a new obligation on insurers to pay claims to poli- cyholders within a “reasonable time”; and • updated provisions allowing a third party who is owed an insured liability by a policyholder to bring a claim directly against the insurer (rather than claiming their liability from the policy holder), with court approval. While the Contracts of Insurance Act was passed in 2024, only certain aspects came into force in April 2025; the rest of the Act will come into force no later than November 2027.
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