Review of insurance contract law: comprehensive submission form

This is the comprehensive submission form for the Insurance Contract Law options paper.

This form contains 30 questions and may take some time to complete. You should refer to the Options Paper as you work through the questions.

If you are preparing a comprehensive submission in collaboration with others, you may wish to first prepare answers to each question in Microsoft Word or similar. This is because the online form does not save progress if you exit the browser. 

If you're having trouble using this form, please either:

  • contact us at insurancereview@mbie.govt.nz to make other arrangements to receive your electronic submission; or
  • mail your submission to:
    Financial Markets Policy
    Building, Resources and Markets
    Ministry of Business, Innovation & Employment
    PO Box 1473
    Wellington 6140
    New Zealand

Questions

Question 1

Section 2 of the options paper discusses the objectives of this review.

Question 2

Paragraphs 13-37 and table 1 of the Options Paper deal with consumer disclosure options.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option (including the status quo) do you prefer and why?
Questions 3-4

Paragraphs 38-40 present two design options for all consumer disclosure options.

Question 5

Paragraphs 41-45 and table 2 present some options in relation to disclosure by businesses.

In particular:

  • Should businesses have different disclosure obligations to consumers?
  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option (including the status quo) do you prefer and why? 
Questions 6-7

Paragraphs 46-49 discuss design options for all business disclosure options.

Question 8

Paragraphs 50-57 and table 3 present options in relation to disclosure remedies.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option do you prefer and why?
Questions 9-12

Paragraphs 58-66 discuss four design options for disclosure remedies.

Question 13

Paragraphs 67-68 discuss a proposal to change the misrepresentation provisions in the Insurance Law Reform Act 1977.

Question 14

Section 4 of the Options Paper deals with unfair contract terms.

Table 4, on pages 25-26 of the paper, assesses examples given by submitters against the criteria in the Fair Trading Act for determining whether a term is unfair.

Question 15

Paragraphs 81-89 and Table 5 present some options around unfair contract terms.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option do you prefer and why?
Question 16

Section 5 of the Options Paper, starting on page 31, discusses issues around understanding and comparing policies. There are five proposed options. Table 6, on page 33, shows the costs and benefits for each option.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified? Are there other options that should be considered?
  • Which options do you prefer and why?
Questions 17-19

Paragraphs 97-110 and table 7 discuss issues and options in relation to intermediaries, such as insurance brokers.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option do you prefer and why?
Question 20

Paragraphs 117-130 and table 8 discuss issues and options in relation to s 11 of the Insurance Law Reform Act 1977.

Questions 21-22

Paragraphs 131-139 and table 9 discuss options about section 9 of the Insurance Law Reform Act 1977.

In particular:

  • Do you agree with the costs and benefits of the option?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Is the option preferable as compared with the status quo?
Questions 23-24

Paragraphs 140-152 and table 10 deal with an option to replace the statutory charge regime in section 9 of the Law Reform Act 1936.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option (including the status quo) do you prefer and why?
Question 25

Paragraphs 153-160 and Table 11 discuss the duty of utmost good faith.

In particular:

  • Do you agree with the costs and benefits of the options?
  • Do you have any estimates of the size of those costs and benefits?
  • Are there other impacts that are not identified?
  • Are there other options that should be considered?
  • Which option do you prefer and why?
Question 26

Paragraph 161 on page 47 proposes to consolidate five insurance statutes into a single statute.

Question 27

Paragraph 162, on page 47, proposes to keep the Marine Insurance Act 1908 separate, but amend the Act to resolve any conflicts with other insurance statutes.

Question 28

Paragraph 163, on page 48, proposes to repeal a number of redundant provisions and gives several examples.

Question 29

Paragraph 165, on page 49 of the Options Paper, proposes an option for reform of the registration system for transfers and mortgages of life insurance policies.

Question 30

Paragraph 166 on page 49 discusses how the Life Insurance Act 1908 limits the payment amount for life insurance policies for minors under 10 years old.

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