New Zealand’s 95-year-old Life Insurance Act is finally destined for a makeover. Commerce Minister Lianne Dalziel says the venerable law will be reviewed by the NZ Law Commission, with its report due on October 31 next year.

While that snail’s-pace review tends to indicate the overhaul isn’t top of the NZ Government’s agenda, Ms Dalziel did signal that the legislators are mindful of international regulatory trends. “The existing law does not give consumers enough, or appropriate, information or protection and does not match international standards of rigorous controls around insurers.  

“At the same time we need to recognise that insurance is a global market and our regulation will need to take overseas environments and international best practice into account,” she said.

The whole framework of the Act will be looked at, and modernisation of the law will help promote confidence and participation in the market.