Financial Services Council brings the industry together to respond to the Contracts of Insurance Bill

The Financial Services Council (FSC) welcomes the opening of submissions on the Contracts of Insurance Bill from the Finance and Expenditure Committee and is finalising its submission as the voice of New Zealand’s financial services industry.

The FSC represents major insurers in life, health, disability and income insurance with members paying $2.8 billion in claims to New Zealanders in 2024.  

“We are pleased to see the Government committed to ensuring that New Zealanders and businesses can better manage and understand their risk, protecting themselves in their time of need,” said FSC Acting CEO Haydee Stroud.

“Our research shows that 70% of New Zealanders are underinsured*,” continued Stroud. 

“The FSC’s policy priorities outlined in our Blueprint for Growth identify that New Zealanders take too much risk. Our aspiration is that Kiwis better manage and understand their risk, and we are encouraged to see progress in our policy recommendations,” said Stroud.

The FSC advocates for strong and sustainable consumer outcomes and are committed to collaborating with the Government and regulators to ensure consumers and industry benefit from the modernisation of this important legislation. 

“The release of this Bill is a positive step toward a sustainable foundation to grow the financial confidence and wellbeing of New Zealanders, and we welcome the commitment from the Minister of Commerce and Consumer Affairs Hon. Andrew Bayly to make this a priority,” concluded Stroud.

The FSC regularly responds to consultations affecting the financial services sector and frequently engages with members, regulators and officials as part of our regulatory affairs programme. 

ENDS 

Notes for editors
 
*FSC Money and You: Taking Cover research report, 2022