Approved Dispute Resolution Schemes: Minimum Compensation Cap for Insurance Disputes
In March 2015, the Ministry invited submissions on a discussion document that proposed to increase the compensation that dispute resolution schemes can award in relation to disputes about real property insurance claims from $200,000 to $350,000. Consultation closed on 9 April 2015.
The following eleven submissions were received on the discussion document. Please note that some of these submissions contain redactions made in accordance with the Official Information Act 1982.
- Ross & Ellie Williamson [PDF 226KB]
- Andrew Caddie [PDF 75KB]
- Financial Services Complaints Limited [PDF 418KB]
- Insurance Brokers Association of New Zealand Inc. [PDF 423KB]
- Banking Ombudsman Scheme [PDF 63KB]
- Marsh Ltd [PDF 520KB]
- ANZ [PDF 664KB]
- Suncorp Group [PDF 1MB]
- Insurance Council of New Zealand [PDF 1.5MB]
- Insurance and Savings Ombudsman [PDF 945KB]
- Financial Markets Authority [PDF 81KB]
The Ministry will consider whether to amend the current cap as part of the broader review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FA Act and FSP Act). This will enable consideration of the dispute resolution regime in its entirety as well as consideration of how it interacts with other elements of the FA Act and the FSP Act.
The Ministry is currently preparing an Options Paper on the review of the FA Act and FSP Act, which is scheduled for release in late November 2015. This paper will seek public feedback on potential options for changes to the regulatory regime.
Further information on the review of the FA Act and FSP Act is available in the Financial advisers section of this website.